Word: economists
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Dates: during 1980-1989
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...almost half a century, the Democratic Party derived its power from what it could give away. It was the party of benevolent Government, offering help for the disadvantaged and services for everyone. "In the postwar era," observes Harvard Political Economist Robert Reich, "it was possible to dispense [Government largesse] and pump [the economy] at the same time." But in the '70s and '80s, the demand for Government goodies began to outstrip the growth of the economy. Lyndon Johnson, and by extension the Democratic Party, was wrong: the U.S. was not "an endless cornucopia...
...robust dollar and the new reality of international competition. Too many companies became complacent in the 1950s and 1960s, when the U.S. had a big lead in technology and foreign competitors were still rebuilding their economies in the aftermath of World War II. Observes Robert Gough, a senior economist with Data Resources, a consulting firm: "The domestic market was so rich that the U.S. was not as aggressive in developing foreign markets as other countries." Many industries, including autos and steel, let factories become outmoded. Companies also granted wage hikes to workers that outstripped productivity growth...
...governments in the developed countries are reluctant to halt economic growth just to please foreign moneymen. Thus, no sudden solution is likely to emerge. Says one IMF official: "It is a negotiating process that will run through most of the 1980s." Mexican Finance Secretary Silva Herzog last week recalled Economist John Maynard Keynes' dictum: "Men will do the rational thing, but only after exploring all other alternatives." Silva Herzog then glumly added that Latin American debtors and U.S. bankers probably have a lot of exploring ahead of them. -By Stephen Koepp. Reported by Gisela Bolte/Washington and Frederick Ungeheuer/Cartagena
...Managing Director Jacques de Larosière for more lenient terms. Yet neither Alfonsín nor any other leader can simply defy the fund. Its seal of approval is the key to vital commercial credit. "The power of the IMF is absolute," says Paul Singer, an economist at the University of Sao Paulo. "No foreign country can get a single cent now without an extended agreement with...
...created in 1944 to keep order in the international monetary system. Its guiding genius, British Economist John Maynard Keynes, wanted it to be a true lender of last resort, a global central bank capable of creating its own money. His ideas were deemed too visionary, and the fund's role was limited to helping member states-45 at the beginning, 146 today-ride out balance of payments difficulties. A country in deficit could apply to the IMF for low-interest loans. In return, the IMF required the debtor government to put its economic house in order. When the deficits...