Word: hiked
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Dates: during 1970-1979
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Alan Greenspan, a member of TIME'S Board of Economists and no foe of the oil companies, believes that the key reason has been price. At the end of December, he notes, the Organization of Petroleum Exporting Countries decreed a 130% hike in crude prices, sharply increasing the potential value of oil in the holds of tankers at sea. If the oil was unloaded in the U.S., it could be sold only at Government-controlled prices; if it was diverted to Europe or Japan, it could be sold for much more. "There is considerable evidence that there were fairly...
...first. On the same day, a new jump in second-class postal rates, which affect magazines and newspapers, will take effect. This increment is the first installment of a 40% rise to be spread over the next 28 months. It comes on top of a fiveyear, 145% rate hike begun in 1971. The new increase, being imposed on a compound basis, means that periodicals collectively will have to pay at least 242% more to use the mails in 1976 than they did in 1971.* Some predictions are even grimmer. Richard J. Barber Associates, Inc., an economic counseling firm in Washington...
...time they spend in the bowels of the British earth, working to supply the nation with critical fossil fuel. They are not paid for the time it takes them to travel up and down the mine shafts. The miners are demanding an average $20-a-week pay hike, but Heath is willing to give them no more than a $6-a-week raise...
Britain. January 1972. Prime Minister Edward Heath declares that he will not give in to a 25% wage hike demanded by British coal miners because it is far beyond his 8% national wage guidelines. The miners strike for seven weeks, causing power blackouts, layoffs of tens of thousands of other workers and widespread industrial chaos. Finally, Heath appoints a special commission to arbitrate the miners' demands. The commission recommends a 21% wage increase. Both sides accept. The crisis is settled...
...further action on reform until July, they left in effect the ad hoc system of "floating" exchange rates that has existed since the last big monetary crisis a year ago. If they had agreed at Nairobi to fix rigid exchange rates, the pressures generated by the oil price hike in late 1973 could well have led to huge devaluations and other dislocations and paralyzed the monetary system. As Paul McCracken, former chief economic adviser to President Nixon, says: "It would have been a disaster. Whatever they had agreed on would not have survived the events of the last few weeks...