Word: exportability
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Dates: during 1970-1979
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Spiraling prices could make European exports uncompetitive in world markets. The consequent reduction in demand would then lead to the unemployment that workers fear. But rising prices do not yet threaten the EEC's export performance. In part, that is because about half of its members' trade is within the Community, where inflation runs at roughly the same rate from country to country. Moreover, proximity of markets provides a cost barrier against imports from faraway countries like the U.S. and Japan...
That investment has brought some benefits to the rest of the world. The U.S. has exported new technology and management methods and, above all, has shown national rivals that it is possible-and highly profitable-to market on a continental scale. But benefits always involve costs. America's continuing export of capital is a major factor in the chronic turbulence of the international monetary system. Last week, a mere fortnight after the second devaluation of the dollar in 14 months, Europe's major foreign exchange markets closed to prevent further massive speculation (see page...
...which exports only about 6% of its G.N.P., can ride out the storm with relatively little inconvenience. But European nations, which export up to 50% of their G.N.P.s, are highly vulnerable to an international currency crisis. Many Europeans argue that the U.S. is selfishly asking other nations to solve problems that are of its own making. If resentment of the U.S. becomes enshrined in Europe's monetary and trade policies, the dollar might fall even lower. For Europe and the U.S., that would signal the start of an economic war in which neither side could expect more than...
...matter is infinitely more complex, of course, and devaluation will have many momentous effects, both pleasant and painful. Inside the U.S., it should create jobs in businesses that produce goods for export, by making their products cheaper for foreigners to buy. But devaluation will also aggravate American inflation-how badly no one can yet tell-by pushing up the prices of imports. In addition, American travelers will have to spend more on foreign trips; for example, the price of a single room in Tokyo's Hotel Okura last week was $27.75, v. $24 the week before...
Much more serious, devaluation may speed the rise in U.S. food prices by shifting more of the output of American farms into export markets, leaving an inadequate supply to satisfy growing domestic demand. Says David W. Brooks, chairman of Gold Kist, a farm cooperative in Atlanta: "American farmers exported nearly $10 billion in 1972, and the total may go to $11 billion or $ 12 billion this year...