Word: importance
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Dates: during 1970-1979
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...Okinawa to Japanese control. With the same strong-arm threat of mandatory quotas, the U.S. forced similar agreements on South Korea, Taiwan and Hong Kong last week. In return, the U.S. lifted the 10% surcharge on textiles from all countries. Except for steel, goods that are restricted by import quotas are exempt from the surcharge, and under rules of the General Agreement on Tariffs and Trade, a duty removed from products of one country must be removed for all countries...
...successful development policy can consist as much in refraining from doing the wrong things as in doing the right ones. It must avoid the restrictions and licensing arrangements that have hampered development and have bred corruption in the past. It must resist domestic pressures to set up high cost import substitution industries. It must resist the pressure of labor to establish real wages that are so high that the country cannot take advantage of its plentiful labor supply...
...import deficit need not be regarded as an impediment to development, provided some external source is prepared to finance it. It is too much to expect that the US or other countries will provide say $700 million a year in financing for the indefinite future. And if the potential deficit remains, while the sources of financing dry up, there can be no doubt that development will be retarded, and may degenerate into stagnation...
Reduction of the import surplus must therefore be regarded as an important component of development. It must not be thought that reduction is quick or easy matter. As one example Korea still only pays by exports for two-thirds of its imports--twenty years after the end of the Korean war. On the other hand, once Korea set its mind and political will to the problem, it achieved remarkable success, during the last five or six years...
...Real wages in the private sector. The shortages of labor caused by mobilization, combined with the increased demand for labor for military construction, together with the abundant import policy have resulted in a level of real wages that is high in relation to the country's productivity and stage of development. If the market system is allowed to operate, and exchange rates are relied on to achieve international balance, wages could find their appropriate level...