Word: exportable
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Dates: during 1930-1939
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...England, traditionally the world's banker, and for Wall Street, now the world's safe deposit box, Sir John Simon's order to investors to "Buy British" recorded another portentous retreat from the free capitalism of Adam Smith. Under it, Britain found that capital export opened markets, expanded prosperity across national boundaries, employed surplus British wealth. Today, British capital is no longer exported in this sense; it flees, and its flight is at this time a drain on national resources...
...fewer people and 50,545 fewer square miles in Europe. Aggrandizer Hitler's Germany does not to date possess Kaiser Wilhelm's Germany's African and Asiatic colonies, but since these accounted for less than 5% of pre-War Germany's export and import trade, they are not the major factors in the altered economic picture...
...recourse: it must sell its services by fabricating and transporting raw materials supplied by others. The economic history of Germany since the third quarter of the last cen- tury has been the history of a people consciously and steadfastly steered by their State to sell services. "We must export," recently said Herr Hitler, a legitimate heir to this tradition, "or die." In the rush to catch up to western industrial powers, Germany has tried ever since 1871 to syncopate history. A patron saint among German economists is Friedrich List, who spent seven years in the U. S., learned to admire...
Schacht to Funk. Even before Hitler the Germans had been forced to experiment with foreign exchange control. With exports falling in 1933, Hjalmar Horace Greeley Schacht, head of the Nazified Reichsbank, first prohibited the transfer of interest on German foreign debts and then evolved a system of control boards to balance imports and exports. Out of these equilibrist schemes grew the blocked currency accounts and the barter devices, with the Germans paying foreign exporters in special marks good only for German goods at a price lower than the internal price level. Boycotts and currency difficulties kept lopping off chunks...
...shortage may benefit their constituents and provide the mill operators with an excuse to work off inventory but it is no great contribution to the permanent solution of the U. S. cotton problem. That problem is basically the loss of foreign markets, for the U. S. used to export two-thirds of its annual crop, now exports only one-third. Alabama's Bankhead (Tallulah's uncle) has an answer in the form of export subsidies but the Senate last week turned it down, largely because the subsidies would directly benefit no one in the U. S. In defense...