Word: growths
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Dates: during 1970-1979
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Picayune as that consideration may be, the IMF'S stern discipline has a dark side: it could have a pernicious effect on world economic growth. When countries are required to reduce or eliminate their balance of payments deficits, there are fewer customers for the products of industrialized nations and fewer buyers of basic Third World commodities such as bauxite and copper. The end result could be a vicious cycle that would dampen investment and lower incomes...
...Sociologist Daniel Bell put it recently, "If economic growth, which has been the means of raising a large portion of the world into the middle class-and also a political solvent to meet the rising expectations of people and finance social welfare expenditures-cannot continue, then the tensions that are being generated will wrack every advanced industrial society and polarize the confrontation between the South ... and the advanced industrialized capitalist societies of the West." IMF directors would doubtless reply that that is a prophecy of apocalypse tomorrow-and they have their hands full warding off disaster...
...fear, the job of restraining prices will fall to the independent Federal Reserve Board and its Chairman Arthur Burns, who has repeatedly made it clear that he will tighten up credit rather than permit runaway inflation. Whatever else it might accomplish, that strategy would almost certainly result in slower growth and even higher unemployment...
What nags institutional investors most of all is the realization that common stocks are no longer a safe hedge against inflation. Robert Salomon Jr., of Salomon Brothers, the New York investment banking house, has measured the compound growth of nine assorted investments from 1968 to June 1977, a period in which the consumer price index increased at an annual rate of 6.2%. His findings...
These are dicey times for shipowners who play that gambler's game called tankers. As a result of the slowdown in the growth of petroleum consumption and some reckless overbuilding by shipyards in the early 1970s, the tanker business is in the worst depression in memory. Fully 10% of the world fleet sits idle for lack of cargo...