Word: exporters
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...chap in Cairo who designed a land mine that looked remarkably like a camel turd. He put it in the diplomatic pouch and sent it to London. I'm not sure they knew quite what to make of it." Thibaut de Saint Phalle, now a director of the Export-Import Bank, discovered that Chinese pirates were very adept at blowing up Japanese ships, and he went to the offshore island of Quemoy to recruit them for the Allied cause. On the island, he remembers, he found himself living "in 12th century splendor. The pirates had stolen some very fine...
When Britain in the 1950s and the U.S. in the 1960s tried to bolster their sagging balance of payments by forbidding companies to export pounds or dollars to build plants abroad, businesses evaded the controls by borrowing in the Eurodollar market. The amount of Eurodollars available for borrowing sharply increased after the 1973-74 jump in oil prices. Members of the Organization of Petroleum Exporting Countries, unable to spend their petroprofits fast enough, began parking many surplus dollars in banks outside the U.S. Cartel members now have $74 billion in these Eurodollar deposits. Bankers also started lending large amounts...
...form of government support which interferes least in their affairs. Workers in declining industries like it because it saves their jobs. The government likes it because it is a form of assistance that requires little expenditure. But the only groups protectionism does hurt are consumers and export industries...
...competition from abroad, trade restrictions stifle the incentive to innovate, and domestic industry only gains a paunch. So workers actually may end up benefitting from free trade in the long run, because protectionism perpetuates low-wage industries, such as textiles and shoes, at the expense of expanding higher wage export industries. While workers in the North are immediately hurt by the loss of jobs to Mexico, their successors will be better off because they may move into higher paying industries...
...this has yet to make an impact on the Turkish public. Nearly all export earnings go for petroleum and fertilizers, leaving the vast state-owned industries without spare parts. The result: lower production and more unemployment. Says a State Department specialist in Turkish affairs: "We just hope that whatever the next government may be, it will stick to the terms of the IMF deal and not deviate from the international strategy for recovery. Otherwise, Turkey could become a flat-out disaster case...