Word: free-market
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...pink-cheeked, white-mustached. 76-year-old Sāo Paulo banker with 13 children, 68 grandchildren, five great-grandchildren. Brazilians took heart from his promise to avoid "hasty solutions," and from his reputation as a hardheaded financier. A columnist called the appointment "an unexpected miracle," and the free-market cruzeiro climbed from 86 per dollar to 80, about where it stood on the eve of the earthquake...
...Give up his insistence that the U.S. buy its Korean currency at the "official" rate of 180 hwan to $1 (v. a free-market rate of more than 500 to $1), accepted a 310-to-$1 rate for the present, promised a "realistic" rate for the future...
...last spring, Arthur Dean, President Eisenhower's special envoy to South Korea, sat in Syngman Rhee's presidential mansion, discussing Korea's galloping inflation. Dean thought the solution was to let the hwan find its own level (i.e., free-market dollar value), then siphon away the excess hwan currency that was drowning the country. Said Syngman Rhee: "Nonsense. The best way to fight inflation is to say that the hwan is worth 180 to the dollar and then keep it there." At that time the hwan was worth less than that and fast losing ground...
While Ezra Taft Benson still has a longing eye on the free-market goal, the weather, declining exports and an inherited farm program (which the Eisenhower Administration has made no move to change) are pushing him rapidly in the other direction...
...consumer demand will replace Government spending. "In addition, there must be a radical revision of our tax system to better provide the incentives for the creation of more jobs for more people, and for the making of more, better and cheaper goods for all the people." ¶ Promote a free-market economy. "This Administration believes . . . that a most powerful influence over the years has been the accumulated effect of the industry and efforts of so many of our people to advance their own interests independently and in their own ways. This way of life has withstood wars and political manipulations...