Word: eca
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Dates: during 1950-1959
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...years. Illinois' Douglas wants it shaved by $1 billion. Such influential, economy-minded members as Georgia's George and Virginia's Byrd had joined in the demand for a cut. An old Administration stalwart, Texas' Tom Connally, in one of his tempestuous outbursts, accused ECA of "squeezing money out of our people and spreading it all over the world to take care of those wobbling little countries in the Orient...
...ECA rejected such thinking. Last week it announced a potentially revolutionary program to provide guns as well as butter by doubling European productivity. Details : ECA, which has so far done business with governments, will start passing out "production assistance" direct to managers and workmen. Each beneficiary nation will set up regional councils of labor, management, government and ECA. Experts will explain U.S. production methods to trade unionists. Go-ahead European companies will be "adopted" by U.S. firms willing to share their knowledge...
...European businessman will have to show that his management is competent, that his product will benefit Europe as a whole (example: a Dutch shipbuilder would probably qualify for aid, a French girdle maker would not), and that labor unions in his plants are not Communist-dominated. Above all, ECA insists, European employers must be willing to adopt one principle of U.S.-style capitalism: increased profits must "filter down to the worker" in better pay or lower prices...
Will this ambitious program (which ECA hopes to finance out of its regular $2 billion budget) work? ECA thinks it may, if Europeans will let it. Western Europe could raise its gross national product by $100 billion, said Foster. "Accomplished in ten years, this would be a masterful job. Done in five, it would be a near miracle-but possible, nonetheless...
...ECA officials are planning to send the show on a tour of European capitals. Said one of them: "Frankly, we didn't expect anything this good...