Word: economisters
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Dates: during 1950-1959
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...responsible economist predicts a serious or sustained U.S. trade imbalance ahead. But no one foresees the big, fat trade surpluses that the U.S. long enjoyed -$6.5 billion as recently as 1957. At best, says Under Secretary of State C. Douglas Dillon, exports will rise $1 billion in the next year, led by lower-priced U.S. cotton and the new jets. These new realities of world trade have moved the Administration to take a sterner view of foreign nations that still jealously preserve high tariffs and import quotas against dollar goods long after the need is past. At next month...
...being a speaking-and-dealing reality that Western European diplomats were openly discussing it. "You don't know General de Gaulle," snapped a French government official, "if you think he is going to stand idly by and let Russia and the U.S. settle everything." In Britain, the Economist surprisingly took the opposite tack. Ignoring the usual British argument that the West would be lost without the benefit of Britain's deeper diplomatic savvy, the Economist saw an Eisenhower-Khrushchev meeting as "an alternative to the summit," iaatly declared: "The job can be done better in Washington than anywhere...
Even London's Conservative and independent press had misgivings about so rigid a course. Said the Economist in one of its sharpest attacks on the government to date: the Devlin report "was testimony to British justice and fair play. It could even have been regarded as a feather in the cap of the government that set [it] up. Instead, the government's response has been roughly, 'Tell the truth and shame the Devlin.' Politics has overridden the appearance of detached justice. Mr. Macmillan has involved the whole credit of himself and his government...
...luxury that the U.S. cannot afford in a competitive world economy. Featherbedding pushes up prices, pinches productivity, penalizes the consumer and the productive worker to reward the drone. Worst of all, by discouraging the use of time-saving and production-boosting new machines, it retards U.S. economic growth. Every economist agrees that the best way to create more jobs is to make the economy grow faster...
...trained economist, educated at posh Westminster and at Oxford, Gaitskell preaches a brand of socialism that leftists talk scornfully of as "milk and water" ("If we want to snore ourselves to Sweden, this is the way"). As his closest advisers, he prefers university-trained economists rather than the men who have risen from factory and mine. "The day of the cloth cap in the Labor Party is over," laments one working-class ex-minister. Bustling about the country with the air of a don doing his best to be folksy, Gaitskell has not been able to match Prime Minister Harold...