Word: globalization
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Dates: during 1960-1969
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...Global Promises. Compared with Detroit or Newark, New Haven's four troubled nights constituted only a miniriot. Not a shot was fired, no one was seriously injured, and damage was probably not more than $1,000,000. But the psychological damage was immense. "I seriously thought," said a shaken Mayor Richard Lee, "that something like this wouldn't happen here." Yet happen it did, and officials across the country, shuddering at the prospects for their own cities, could only wonder why. The reasons were not all that obscure. Much had been done, but much more remained...
...intolerable. "We've been telling the Negro that there's a new day," notes Mitchell Sviridoff, who left New Haven's poverty program last year to become head of New York City's Human Resources Administration* "But there is no new day. He gets big, global promises, but nothing happens...
...bags, leaving another 15,000,000 or so to be consumed at home or added to the warehouses. What makes the gap more disturbing is that some coffee-drinking nations are not even drinking as much as they used to. In the U.S., which takes 50% of the global output, per capita daily consumption has fallen from 3.12 cups to 2.86 cups in four years, apparently because younger Americans tend to prefer soft drinks. Thus last week, Joao Oliveira Santos, executive director of the International Coffee Organization, reminded delegates that coffee production, increasing at the rate of 5% annually...
Time was when global companies might simply have turned to New York or London for their funds. But balance-of-payments deficits have caused both Britain and the U.S. to check the outflow of money. By devising new organizations to operate with Eurodollars, the bankers have promoted healthy-and presumably profitable-competition among themselves. By making more credit available to private companies, they will also foster the growth of competition-minded Western businesses all over the world...
...performance during the 1956-66 decade was better: it eroded by an average of only 1.8% a year, the lowest rate among major industrial powers. In little Guatemala, sound management has kept the quetzal from depreciating in the past ten years. A sampling of inflation's global grip...