Word: clampdowns
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Wants Helped. On the other side of the coin, some recently ailing West European economies are recuperating. France's growth rate, which last year was cut in half (to 2.5%) as a result of a credit clampdown that effectively stemmed inflation, is expected to snap back to 4.5% this year, as restrictions are eased. Investors were so cheered by the recent removal of Finance Minister Valery Giscard d'Estaing, architect of deflation, that they kicked the stock market's blue chips up 10% to 15% just after the change. "But," warns the Chase Manhattan Bank...
Power of the Purse. French businessmen are upset about something else: the recent economic stagnation resulting from De Gaulle's anti-inflationary program. The French economy is growing only half as fast as last year-2.6% v. 5.3%. A government freeze on industrial prices and a clampdown on credit has held back private investment. Complains Georges Villiers, president of the Patronat, French equivalent of the National Association of Manufacturers: "For a year now, the increase in private investment has been almost nil. The government is concerned about it, but has not yet taken adequate measures." What businessmen want...
...struggle to defend the battered pound, Britain's Labor government has not only borrowed heavily abroad but has severely cut back its whole welfare program in favor of the toughest clampdown on Britain's overheated economy since the early '50s. Purpose: to create a measure of deflation and thereby dampen Britain's appetite for buying more abroad than it sells, a habit that has upset the country's trade balance and contributed heavily to the pound's troubles. Last week, with stunning swiftness, the government began getting its way. The first clouds of recession...
...Hungarian writers and artists, whose demands for freedom inspired the 1956 revolution, word of Russia's restalinization of culture at first caused a bad case of jitters. Yet last week, in striking contrast to the clampdown in Moscow, Budapest seemed almost relaxed. Said Cultural Commissar Istvan Szirmai: "The party will be tolerant. All artistic and literary creations which are not anti-Communist will be allowed...
About Time. Despite his drastic clampdown on Chrysler's spending, Lynn Townsend has not mortgaged future growth for the sake of current profit. Next year the company will put 50 to 75 gas-turbine Chryslers into the hands of specially selected customers for testing?a step that Townsend hopes will give Chrysler a commanding lead in development of what may prove the auto engine of the future. But the impact of Townsend's turnaround is already apparent among those shrewdest of critics, the dealers. Says Sacramento Dealer Dalton Feldstein: "It's a new spirit, a new era?...