Word: fasted
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Dates: during 1950-1959
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Throughout the year, the full extent of the free world's progress was often clouded by worry over the economic threat of the Communist nations. The Soviets and their satellites made fast progress. But the free world traveled faster. The record was plain in the soaring production statistics, the freeing of currencies from tight controls, and in the fact that the "economy of abundance," once a U.S. phrase and fact, was visible in other lands...
...Japanese had rebuilt their country so fast that they had been able to send $1.2 billion worth of investments overseas (including a Bank of Tokyo branch in Los Angeles), and had become a creditor instead of a debtor nation for the first time in history...
...fast that Britain's Institute of Directors lists 25,000 members; a decade ago there were only 400. Also spreading is the U.S. style of low-markup, high-volume operation. Germany's Mail-Order Magnate Joseph Neckerman has grown into a sort of Teutonic Sears, Roebuck in fewer than ten years. He sells a list of 5,500 items through 22 mail-order stores, 48 special-appliance stores, and by undercutting the competition as much as 25%, tots up sales of $125 million annually. Says Neckerman, expounding a U.S. philosophy: "The consumer is king...
...shops, sweep away the prejudices against middle-sized and big entrepreneurs. Says France's Economic Planner Jacques Rueff: "I want to open the windows and let in some air." Even the bankers are loosening up: medium-term credits for business are on the rise, consumer credit is climbing fast. Britain removed its credit restrictions in late 1958 and watched consumer debt jump 50% in 1959; France had no credit to speak of ten years ago, now counts more than $400 million. Another symbol of the changing approach to banking: Belgium's Bank of Brussels installed a drive...
...between the U.S. and Soviet Russia. In the statistical numbers game, the experts point in alarm to the fact that Russia has grown to rank as the world's second greatest economic power in the space of 30 years. They cite a Russian annual-growth rate twice as fast as that of the U.S., a Russian gross national product that is around 45% of the U.S. figure, with estimates that the Reds will reach 55% within ten years. The bald figures are impressive, but they must be read in the context of what economists know about growth: that nations...