Word: importance
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Dates: during 1960-1969
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...French officials well know, devaluation by itself is not enough to restore a country to financial health. By temporarily lowering export prices and raising import prices, a devaluation only gives a country time to overcome the economic weaknesses that undermined its currency. The benefits of devaluation can easily be wiped out by further inflation. If French price increases continue at their current pace of 6.5% yearly, the gains of franc devaluation will be gone in less than two years. In fact, devaluation itself has a tendency to accelerate inflation, because the automatic increases that it brings in the prices...
...their periodic meetings. The U.S. will be represented by the State Department's William Rogers, Commerce's Maurice Stans and Agriculture's Clifford Hardin, as well as Paul McCracken, the President's chief economic adviser. They will urge their Japanese counterparts to start removing import quotas on 120 products, and move faster in approving requests from U.S. companies that want to set up joint ventures in Japan to build cars, electronic components and other high-technology products. Relations between the U.S. and Japan are becoming steadily closer-and closeness creates friction...
Next to textile men, no other group has flexed as much political muscle as shoe manufacturers. By last week 303 members of the House had petitioned President Nixon for "voluntary" import restrictions on shoes. On a similar petition in the Senate, Republican Margaret Chase Smith of Maine gathered another 59 signatures, including those of Senators Edward Kennedy and Edmund Muskie...
...shoe industry," says Congressman James A. Burke of Massachusetts, a chief promoter of curbs, "is seeking a reasonable solution such as quotas based on the 1968 import levels, perhaps allowing for a 5% increase per year." Industry spokesmen claim that expanding imports of leather and vinyl shoes-mostly from Italy and Japan -have for years absorbed all the growth in the U.S. market. Since 1955, imports have risen from 8,000,000 pairs representing only a 1% share of the domestic market to last year's 175 million pairs, or about 21% of the market. "No other industry that...
Scapegoats. For all those figures, there is considerable evidence that foreign producers are being cast as scapegoats by a domestic industry that is struggling with problems reaching far beyond import competition. The industry includes hundreds of small, lightly cap italized firms, and many plant closings are the result of mergers and acquisitions, not foreign competition...