Word: free-market
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Still, Lebanese officials are becoming increasingly concerned about Israel's economic intentions. Despite its fratricidal troubles, Lebanon has had a relatively healthy free-market economy. The Lebanese pound can be freely exchanged for Western currencies, inflation has been running at a relatively modest 23%, and in 1981 Lebanon had a balance of payments surplus of $1.2 billion. In contrast, the Israeli economy is controlled, the shekel is not readily convertible, and Israeli inflation is in triple digits...
...Cabinet (every major conservation group and 40 members of Congress have called for his resignation) and probably the farthest right. Like the President, Watt is, above all, bent on reducing the power of the Federal Government. The anger he incites, however, stems not just from his prodevelopment, "free-market" policies at Interior but also from his preachy, pugnacious style. "Jim Watt just stimulates every single emotion," says Wyoming Senator Alan Simpson, one of the Secretary's oldest friends. "People flunk the saliva test when they think of him: there he is, with this great, leering grin . . ." Demonstrators taunt...
...Maria Dagnino Pastore, his country's economy was in a "state of collapse without precedent." Radical therapy was needed. In a televised 18-min. speech, Dagnino Pastore announced last week what amounted to a 180° turnaround in economic policies. Argentina will move away from the liberal, free-market approach that has been an aim of the country's military government since it took power in 1976 and back toward the kind of protectionism that has been characteristic since World...
Communist nations have fared no better than free-market ones. In the Soviet Union, where factories are increasingly outdated, annual growth has slowed to less than 2%, in contrast with 4.8% only five years earlier. After a third consecutive dismal harvest, the Soviets this year will have to import a record 44 million tons of grain. The Soviets' East European satellites have run up $60 billion in debt to Western governments and banks, including $25 billion owed by Poland alone...
...French franc, Italian lira and Canadian dollar. According to a closely watched indicator published by the Morgan Guaranty Trust Co., the dollar's trade-weighted value is now higher than it was in 1970. Fulfilling an agreement reached at Versailles, the Reagan Administration last week broke with its free-market doctrine, selling dollars in foreign-exchange markets in order to prop up the weaker currencies...