Word: contraction
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Dates: during 1970-1979
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...union; Stevens says the mill was shut because demand for its product "declined drastically." In 1974 the union won an election at seven Stevens plants in Roanoke Rapids, N.C., but 2½ years later ACTWU officials still have not been able to get the company to sign a contract. Stevens accuses the union of making "impossible" demands. ACTWU officers reply that Stevens adamantly refuses to accept arbitration of grievances or a checkoff system for dues collections, and that without those provisions the union cannot function...
...Social Contract. But nowhere is the mood so bitter, or the consequences of labor's unrest so ominous, as in Britain. Two years ago, the ruling Labor Party persuaded British trades unions and industry to join a massive campaign to combat runaway inflation (then 26%) and restore the confidence of Britain's foreign creditors. The result was a drastic tightening of the so-called social contract, which held wage increases for all British workers to a flat $10 per week in the first year's Phase 1 and to $7 in Phase 2. The voluntary wage controls...
...standstill at the plants of British Leyland, makers of Morris, Austin, Triumph, Rover, and Jaguar cars, and idled 33,000 workers. The toolmakers are striking over the erosion of their "differential"-the margin by which the wages of skilled workers exceed those of the less skilled. Since the social contract held all increases to a flat monetary standard and ruled out raises in Phase 1 above a $14,000-a-year ceiling, the effect was to push low wages upward and restrict higher ones. A machine-tool operator in British Leyland's truck and bus division now makes more...
...odds still are that the T.U.C. and the government will succeed in hammering out some sort of agreement, if only to prevent the political calamity of an open breakdown of the social contract. The question is whether Phase 3 will be effective enough to serve as the government's main weapon against inflation. If not, the Labor government will find itself in the ironic position of having to rely increasingly on the conservative strategy of holding down inflation by restricting the money supply. Healey, in fact, has already said as much, arguing that "wages can only rise above...
...fleet of nine newly constructed LNG ships owned by El Paso Natural Gas Co. will begin carrying gas from Arzew, Algeria, to Cove Point, Md., and Elba Island, Ga., early next year. That gas, for which El Paso signed a contract before the Arab oil embargo, will sell in the U.S. for about $1.25 per 1,000 cu. ft., v. a top federally controlled price of $1.44 for domestic gas shipped across state lines and $2 or more for uncontrolled intrastate gas. Algerian gas bought under a postembargo agreement, however, will cost Americans...