Word: firm
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Dates: during 1970-1979
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Though no firm decisions have been taken on the precise programs to be reduced, there are some prime candidates. The Comprehensive Employment and Training Act, which places unemployed low-income people in public service jobs, will cost an estimated $11 billion in fiscal 1979. But the program is beset by inefficiency and corruption; CETA officials often hand out jobs on a patronage basis. This month Labor Secretary Marshall set up a new investigative unit to try to root out fraud in the program...
...planning and negligent management also play important roles in the decline of Europe's industries. Many companies developed more production capacity than they could have hoped to use in the foreseeable future. Says Henri de Bodinat, a Paris-based industrial expert for the Arthur D. Little consulting firm: "One of the basic rules of capitalism is that industrial sectors reach a limit of growth as they mature and then begin to decline. It happened with railroads; it is now happening with steel, and in ten years the auto industry will have problems." What has turned an industrial adjustment into...
Though West Germany continues to stand firm for free trade, pressure for protectionist measures is growing among other European nations. Last year the Common Market demanded that all its foreign steel suppliers freeze 1978 deliveries at 1976 levels. Also, 13 petrochemical companies formed a cartel in man-made fibers, carving up markets and agreeing to joint cuts in production. Says Fiat Chairman Giovanni Agnelli: "I don't at all like the idea of closing Europe off, but we must do it just for a while on condition that we emerge with a more competitive industry...
...Yankee traders to buy oil for the lamps of America. Last week, in a move that seems to signal a new economic pragmatism by Peking's post-Mao leaders, Coastal States Gas Corp. became the first U.S. company ever to buy oil from the People's Republic. The Texas firm signed a deal to bring 3.6 million bbl. of crude into California, beginning early next year...
...have been shown to contribute, in a specific way, to the oppression or exploitation of a defined group or class. That reasoning led us last year to refuse ads for the South Africa Krugerrand gold coin, and to reject advertisements placed by the South Africanbased de Beers diamond mining firm. ads, it was clear, enabled one group of people to perpetrate specific economic and political injustices against the blacks of- South Africa. For us to have accepted money for those ads would have given us, in effect, clients who would use our services to help continue a monstrous system...