Word: import
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Dates: during 1960-1969
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...Marjolin, but the final program is still amazingly strong. It morally binds each of the Six to take such rigorous steps as levying new taxes to restrain consumer spending if it rises too fast, strengthening credit restrictions, holding wage rises to productivity gains, curtailing luxury housing, and maintaining liberal import policies to keep local prices down. The ministers even agreed to present their national budgets to each other for examination and discussion, and to limit yearly budget increases to 5%. The words "economic plan" never came up, but with the new program, the first joint economic policy ever voted...
...Italy's important export market of Argentina, where Olivetti has long built typewriters and calculators, an attempt to ship in other machines was almost completely cut off last year by Argentine import restrictions. In neighboring Brazil, inflation far worse than Italy's ate up Olivetti's profits. Heavily dependent on South American sales, damaged by the Italian spiral and drained by its effort in the U.S., Olivetti had insufficient income to cover the costs of its vastly expanded plants, which turn out products noted for their quality and design...
...party democracy is often hard to tell from no-party dictatorship in Africa, Somalia is an exuberant exception. Election day brought 1,000,000 Somalis to the polls to choose among 21 political parties, including one fringe group running on the single fervent conviction that the country should import only Fiats, to ease the shortage of auto parts. If the proliferation of parties resembled the nightmare of French politics before De Gaulle, the Somalis' fist-swinging, rock-throwing, vote-early-and-often electioneering style seemed more like vintage Chicago. With African differences...
...helping, and foreign bankers tend to shun the little man in favor of big companies. Many beginners have to scrape deep to supply their own capital; others are forced to borrow on a short-term basis at interest rates that range from 18% to 25%. These charges, plus high import duties on American-made equipment, make many foreign ventures much more expensive to set up than similar ones...
...hungry Australia spends more than $250 million a year to import petroleum, an outlay that hardly pleases its export-minded government. Alarmed by this drain, Australia began subsidizing oil exploration six years ago, has since spent more than $45 million sending drill and rig out across its vast uncharted continent, often to the amazement of its aborigines and the terror of its kangaroos. More than 100 companies and syndicates now hold permits to look for oil in Australia. Such firms as Union Oil of California, Shell, Texaco, Delhi-Taylor and Kern County Land have so far drilled more than...