Word: cottone
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Dates: during 1970-1979
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...Says Economist Otto Eckstein of Harvard: "If the wholesale index does not do dramatically better by, say November or December, then the outlook is pretty grim." One hopeful sign: after several years of going straight up, prices are dropping on many raw industrial commodities, including cowhide, copper, rubber, wastepaper, cotton, lumber and steel scrap. They are declining largely because of reduced demand...
...most spectacular sign of the strategy was the rise of a former Shanghai cotton-mill worker, Wang Hung-wen, 38, from virtual obscurity to vice chairman of the party. He now ranks below only Mao and Chou in the hierarchy. Since Wang is associated with such radical faction leaders as Chiang Ching and Politburo Member Yao Wenyuan, his promotion indicated that the leftists could not simply be pushed aside as a political force...
...boom began in mid-1972, when rapid business expansion round the world created a hunger for materials that could not be satisfied. The prices of such key metals as copper, zinc and lead, along with such fibers as cotton and rubber, doubled and in some cases tripled by late 1973. Then the energy crisis caused stock and currency values to wobble. Speculators fled from stock and foreign-exchange markets into the seeming safety of the rising commodities markets, bidding raw-materials prices up another...
...inflationary world economy. As business slowed in many major countries, demand softened, material supplies caught up, and speculative prices cracked. On the London Metal Exchange, the price of copper had dropped 53% by last week, zinc prices had been halved, silver had slid 41% and lead 27%. Among nonmetals, cotton was down 34% from the spring peaks, and rubber...
...This was the old cotton country petering out. I remember numerous occasions where we'd go out to the farmers during the day, and he'd have to inoculate 30, 40 or 50 animals at a time," Brimmer said...