Word: exportability
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Remarkable Record. In recent months headlines have been filled with charges of payoffs overseas-and some damaging admissions. United Brands has admitted paying a $1.25 million bribe in Honduras to get a banana export tax reduced, and Gulf Oil conceded making illegal contributions of $4 million to South Korea's ruling political party. Last week the Senate Subcommittee on Multinational Corporations took up the most eye-opening case of all, that of Northrop Corp., the Los Angeles-based aerospace giant, which has a remarkable record of selling warplanes to foreign governments. Its tiny, efficient F-5 Freedom Fighter...
...poor find it increasingly difficult to buy food. Workers' salaries, often only $25 to $30 a month, have not kept pace with prices, which rose 94% in the first four months of this year. The fall in international copper prices has badly hurt Chile's major export commodity, forcing the government, in conjunction with other copper-producing nations, to lower production...
...prices doubled and tripled for these and other commodities, fanning inflation in the U.S., Europe and Japan. Now prices have collapsed, largely because recession has cut world demand (see chart). The declines have helped slow the increase in living costs in most industrialized nations but have also reduced the export earnings of some developing countries. Many of their leaders are echoing the cry of Venezuela's President Carlos Andrés Pérez for a "new economic order" based on higher materials prices, and they are insisting that the subject be discussed, along with oil, at any international...
...guarantee agreements. Secretary of State Henry Kissinger has said that the U.S. will consider international commodity agreements "on a case-by-case basis" and has promised American support for a review of the International Monetary Fund's procedures for granting loans to raw-materials-producing nations when their export earnings plunge. The IMF may announce a relaxation of those rules at a meeting in Paris this week...
Assuming that some stabilization agreements can be reached, there remains the task of making them effective. In the past, such agreements-which usually rely on some international body to dictate export quotas designed to keep prices within a set range-have rarely succeeded. Even cartels have not worked for anyone but the oil producers. Copper prices, for example, have fallen 86? per pound in the past year to 54?, despite substantial production cutbacks by four large producers-Chile, Peru, Zambia and Zaïre. To benefit from a sudden jump in coffee prices, Brazil and other growers ignored an international...