Word: exportsâ
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...Adam Smith economics. By carefully calculating their potential profit in a free market, planning their operations around those computations and reinvesting the profits in more output, they are acting the way Smith said capitalists should. The results have been about what Smith predicted: growing production, rising innovation, expanding exports???and reasonable costs to customers...
Inflation is raging at an annual rate of about 30%. Nearly 8% of the nation's work force is unemployed. A deep and chronic balance of payments deficit ?caused largely by oil-price hikes and sluggish exports???threatens the long-term solvency of a nation vitally dependent on foreign trade. To make up for a record $4.3 billion budget deficit last year, the government had to draw on reserves (now down to $4.5 billion from a peak of $6.7 billion in 1973) and borrow heavily abroad...
...American exports only tripled, to £1.3 million. The actual trade deficit with England was running at an annual rate of £1.6 million in the first half of this decade. And the American dependence was real enough, with Britain and its West Indian colonies taking most of colonial exports???tobacco, flour, fish, rice, indigo, in that order?and providing most of the Colonies' imports, mostly textiles, manufactured products and utensils from Britain, salt, sugar and molasses for rum making from the West Indies...
...strikes. British unionists already have been stalking off their jobs in the greatest numbers since the General Strike of 1926; working days lost in this year's first nine months topped 22 million, v. 12 million in the equivalent period last year. The combination of strikes?which have curbed exports???and inflation have made the pound once again the sickest of the major world currencies. Last June, Britain let the pound float, that is, allowed market forces to determine its price. Lately it has been not so much floating as sinking. Early this month...
...twice yearly in the future. ECONOMIC FRICTION. Although European unity is a goal endorsed and encouraged by all postwar U.S. Presidents, Washington now has mixed feelings about it. While eliminating internal tariffs, the Common Market has raised external tariffs against some American exports???one reason for the current, dangerous revival of protectionism in the U.S. British admission to the Common Market could seriously cut into U.S. farmers' $400 million-a-year market. On the other hand, an enlarged and thriving Common Market would mean greater sales and larger profits for American-owned industries in Europe. Moreover, the prospect...