Word: eca
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Dates: during 1940-1949
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Economic Line. Nozaka might have mentioned another factor: shrewd, persistent plugging of the line that the U.S. and ECA countries will have an early economic collapse has impressed many non-Communist Japanese...
...Philadelphia Kaiser-Frazer agency one day last year, swarthy, greying Joe Pacifico heard about a new ECA plan. To encourage U.S. investments abroad and help European recovery, ECA would guarantee the conversion of profits into dollars for any projects that it approved. Joe remembered the old stone quarry near Naples which he had helped his father work as a boy. His brother Eugene and sister Carmela still ran it with primitive methods and materials...
...tried to spice its aid with a small inducement to encourage intra-European trade. Some $800 million of the U.S. grants were conditional. To get them, the receiving country had to surrender an equal amount of its own currency to a third nation. Thus Britain, in order to receive ECA dollars, made sterling available to France, enabling France to buy British machinery. Such secondary grants were known as drawing rights...
...ECA's W. Averell Harriman, Belgium's Spaak and some other continental delegates have been seeking to liberalize the arrangement on drawing rights so it would become a greater stimulus to intra-European trade. At one point French Finance Minister Maurice Petsche proposed a compromise, known in OEECese as "40% transferability of drawing rights." Under the Petsche plan, a typical triangular trade situation would have worked out like this...
Cripps had agreed to transferability, although the amount of drawing rights that could be transferred was cut from 40% to 25%. Since this would cost Britain only $50 million a year at most, Cripps had won a victory in terms of cash. ECA and the Belgians were content in having established the principle that ECA was working toward multilateral trade, not bilateral budgeting and bartering...