Word: economist
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Dates: during 1950-1959
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These sound practices are as well known abroad as they are in Washington. With a budget in balance, the U.S., says British Economist Graham Hutton. must take normal corrective measures to get its balance of payments in order. Button's prescription is for the U.S. to reduce foreign commitments, get overseas allies to carry more of the load, get internal costs under control. "If you don't stabilize your wage costs," says he, "you will lose export orders, lose gold and get unemployment. It is as simple as that. You have the strongest economy in the world...
Soda Pop & Slocks. "The poor working class no longer exists in England today," says Donald Tyerman, editor of London's Economist. The so-called proletariat that was the bulwark of socialism and Communism is giving way to an immensely enlarged middle class, intent on acquiring all the trappings of affluence. One excellent measure is autos. U.S. Businessman Arthur Watson, boss of IBM World Trade Corp., found the change astounding. Eleven years ago the manager of IBM's big plant at Essonnes, France asked Watson for permission to build a shed to house the workers' bicycles; two years...
...moment, all the plane fights and the round-table concurrences had that curiously unreal air of things desired but not yet accepted as urgent. Yet Dillon's trip, said the Economist, "could just conceivably be the exploratory prelude to the most important development in international economics since General Marshall launched his plan of 1947 on that flood tide in Atlantic affairs that has so spectacularly led on to fortune . . . Now everything suggests that a new tide is racing which could determine whether the decade and a half from 1960 to 1975 will repeat the last 15 years of success...
...cautioned the Economist, if "as seems all too dangerously possible-the tide is missed this time, it will be because Western politicians are frightened of getting too far ahead of public opinion...
Under its present editor, Donald Tyerman, 51, who took Crowther's place when Crowther became managing director in 1956, the Economist cleaves to the course set by Founder Wilson. "If," said the Economist a century ago, "we know that a nation is capable of enduring continuous discussion, we know that it is capable of practicing, with equanimity, continuous tolerance." Continuous-and highly intelligent-discussion is the Economist's contribution to Britain and to journalism...