Word: exportability
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Dates: during 1970-1979
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Many Japanese businessmen are enthusiastic about what they see as a potentially profitable opportunity to link Japan's export-oriented economy to a China in desperate need to acquire modern technology and expertise. Still, the Japanese business community wonders how the Chinese will pay for their gigantic import program. Since the early 1970s, China has been making most of its major purchases from Japan on credit. Because Peking has inadequate foreign-currency reserves, the Japanese must either grant loans or buy Chinese oil. Both solutions present pitfalls for Japan. Peking has hinted it wants the type of cheap loans, repayable...
...boycott against Rhodesia. During that time, Rhodesia has managed to survive quite well with the help of embargo-breaking Western countries and supplies from South Africa. Meanwhile, Zambia's economy has dwindled toward disaster. Landlocked, Zambia needed transit routes through Rhodesia to southern Africa's ports for its main export, copper. After the boycott closed the Rhodesian borders, scarce alternative routes disappeared, world copper prices declined, and Zambia began running short of food, machinery, oil fertilizer, soap and coal. Inflation ballooned to 30%, fueled partly by expensive airfreight shipments to speed goods, and foreign debt climbed to $1.5 billion...
...Earl Butz tried a new tack: he lobbied through Congress the law under which farmers could no longer unload their crops on the Government, urged them to increase output by planting "fence to fence," and set target prices far below market quotes. He got away with it because rocketing export demand permitted farmers for a year or two to sell everything they could grow at prices that the Government did not have to prop...
Zooming costs of processing and distribution have created a strange paradox. Higher farm prices instantly bring increases at the grocery checkout, but retail food prices can also go on rising while farm prices drop sharply. Example: the Soviet grain purchase of 1972 and other heavy export demand kicked off a few years of unprecedented farm prosperity. Net farm income more than doubled in three years to an unparalleled $33 billion in 1973, and soaring retail food prices combined with OPEC's oil gouging to produce double-digit inflation. In 1976 and 1977, farm prices broke; farm income shriveled...
Enough food is left over to make the export capacity of American agriculture the hope of the have-not world. Farm-product exports tripled in the past six years to almost $27 billion, helping mightily to offset the cost of imports. The U.S. exports more wheat, corn and other coarse grains (barley, oats, sorghum) than all the rest of the world combined. Pat Benedict and farmers like him are America's best hope to counter the trade challenge presented by the oilmen of Araby and the energetic manufacturers of Japan. U.S. food exports would be higher still were...