Word: foreign
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Dates: during 1950-1959
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...result of a Spartan decision to export agricultural products in order to purchase machinery abroad. In the past few months Peking's trade offensive in Southeast Asia-which seriously worried the Japanese-has begun to falter badly. Fortnight ago Mao's government, despite its need for foreign exchange, canceled a contract to supply British firms with several thousand tons of cotton and cotton waste, and this breach of contract will jeopardize future negotiations...
Betancourt proposes to attack unemployment through encouragement of foreign investment, emphasis on agricultural development, a solid program of public works. Schools must be built for 600,000 children now crowded out. Hospitals are needed; Betancourt says: "We should never again witness the spectacle of two women ready to give birth occupying one single bed." At first Betancourt will be pinched for funds for the reconstruction job. Dictator Perez Jimenez left short-term debts of $1.4 billion, and half of them still remain to be paid...
Prado took over an economy that was (and is) basically strong and growing, if temporarily tormented. Its free-enterprising policies have brought $970 million in foreign capital, and between 1948 and 1957, gross national product almost doubled. At first Prado hiked wages and the budget too abruptly, and the U.S. recession dropped commodity prices: copper 44%, cotton 25%. The Peruvian sol dropped from 19 per $1 to 25. But Prado fell back on his banker's training, hiked customs as high as 200% on luxuries, clamped rigid reserve requirements on banks and stabilized...
Castro was in Oriente province, his stronghold during two years of fighting. He talked endlessly, mainly of land redistribution that will include uncultivated U.S.-owned sugar plantations. "The powerful foreign companies that stole it from the state will scream to high heaven," he said, "but it will not do them any good." His program would rest on two principles: "The land should belong to those who work it," and "Those who have no land must have some." Shouted Castro: "We must win our economic freedom and cease being ruled by U.S. ambassadors who have been running our country...
...Marroquin Rojas, in his newspaper La Hora. "You may slide downhill." He was addressing General Miguel Ydígoras Fuentes, 63, Guatemala's headstrong President, who was treating the country to a double dose of wacky crises. Six weeks ago, to protect native Guatemalan shrimp from poaching by foreign trawlers, Ydígoras sent out P-51s on a strafing run that killed three Mexican fishermen (TIME, Jan. 19) and caused a break in diplomatic relations between the two countries. Last week Ydígoras brought on a school strike at home by appointing his cousin, a hulking female...