Word: importance
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Dates: during 1960-1969
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...Army of the Rhine, long a drain on Whitehall's sterling reserves. At the same time, the Bundesbank agreed to refrain from converting U.S. dollars into gold, and promised to honor its purchase of $500 million worth of 41% Treasury bonds - in effect a capital import for Washington -through...
...with industry. Says Economic Affairs Minister K. T. Li: "It is often said that every developing country wants to begin with an atomic reactor and an airline of its own. We resisted that temptation." With loans of $43 million from the World Bank, $56 million from the Export-Import Bank and a $150 million line of credit from Japan, the Taiwan government set about building industry and improving the infrastructure of railroads, highways and communications on which it depends. At the outset, major industries were put under government control, and many of them remain there...
...Life. All in all, there does not seem to be much cause for gagging. Rhodesian farmers are rapidly diversifying their crops so that the country will no longer need to import such staples as wheat and soy beans. Despite the worldwide oil embargo, Rhodesia gets all the oil it needs from its good friend-and embargo breaker-South Africa. It also keeps its export market alive through agents in South Africa, in the Portuguese colonies of Angola and Mozambique and in the black African nation of Malawi (see following story). The Rhodesian pound may have been declared worthless on world...
...factories have been enlarged and diversified, and a government incentive program has already encouraged the building of 240 new plants, half of them now in operation. The result is that Rhodesia is well on its way to producing at home almost all of the goods it once had to import...
Like Britain's deflationary freeze, Israel's mitun was designed to right a lopsided economy living far beyond its means. Fueled by inflationary wage increases along with a demand for foreign TV sets, autos and other frills that Sapir calls sheer "gluttony," Israel's imports until recently have soared far beyond its exports. So large is its trade deficit that the Israeli pound is threatened with devaluation. In an effort to stave off that embarrassment, Sapir moved to cut consumption by raising import duties and holding down wages. He also tried to force more workers into crucial...