Word: exportation
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Dates: during 1970-1979
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...born in relative poverty, the son of an unassuming parson who died when the boy was seven. He was thereupon adopted by his childless uncle Thomas, a Gargantuan export-import trader (tea, codfish, whale oil) who had built the first mansion on Beacon hill. Uncle Thomas put young Hancock through Harvard, class of '54, and then eight years in the counting room of the House of Hancock. When Thomas Hancock died, he left his 27-year-old nephew a fortune of ?80,000, the largest in New England...
Additional help for the pound came from Switzerland, which has been worried about losing export orders and tourists as a result of the rising value of its franc. Last week the Swiss moved to push the franc lower by making heavy purchases of other currencies, clamping a curb on speculative dealings, and cutting the central bank's discount rate from 2.5% to 2%-moves meant to make their franc less attractive for investors who want to flee sterling...
...longer committed to the U.S. economy, they invest a larger portion of their capital in other countries, particularly in Western Europe, and draw an increasing proportion of their profits from foreign sales. Equally importantly, they have begun to remove blue-collar jobs from the U.S. into low-wage "export platform" countries like Taiwan and South Korea, where the costs of production are many times lower than in the U.S. Twenty five per cent of the workers employed by the 298 global corporations listed by the Department of Commerce now are outside the U.S., while the manufacturing sector as a whole...
...support it-but it's just a palliative. It isn't the answer unless we want everyone to end up on the Government payroll. What we really need is to rejuvenate our private economy. We should recognize the extent to which we are exporting our jobs through the export of capital. That process is reaching hemorrhage proportions. Yet public policy tilts investment abroad through the tax system and subsidized Government insurance for investments abroad...
...Aroostock County, heart of the state's potato business, to try to round up spuds from farmers with cash offers of $6.50 to $8. There were a few takers, but most of the Maine farmers balked because they had received other offers as high as $15 from export agents-some of the longs, who were trying to force Simplot into paying a higher price to get out of his contracts...