Word: importance
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Dates: during 1970-1979
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...real master plan for rescuing the economy, as far as it has any, seems to be simply to hang on until 1980 or so, when oil wells now being drilled under the North Sea will provide Britain with a rich new source of tax revenue and cut import bills. It just might work, and the nation might muddle through one more time: Britain is in the position of the debtor whose creditors can ill afford to force him under because they would lose too much in the process. For example, if oil-rich Arabs started withdrawing their huge deposits from...
...these rumblings indicate, protectionist sentiment is rising around the world-to no one's surprise. Demands that domestic businesses be shielded against import competition always become more strident during times of spreading unemployment. The real surprise is that despite the severity of the global recession, free traders so far have held the dikes successfully against the protectionist tide; nothing resembling the tariff wars of the 1930s has occurred. Import-limiting actions, as distinct from talk, have been few and scattered. For example, Finland now requires importers to post large bonds, and the Japanese have persuaded several trading partners...
...pledge for tariff reform by slashing levies 25% across the board. As late as last December, Whitlam was telling Europeans that "a retreat into economic isolation is no answer for us or any other nation." But even as he spoke, his government was beginning to consider re-establishing stiff import quotas and tariffs...
...Chairman Al Ullman, has agreed to an initial increase in federal taxes on gasoline by 3? to 7?; as much as 20? more could be added in April 1977 if gas consumption climbs 3% or more above the 1973 level. The committee is still struggling to find agreement on import-quota levels, a windfall-profits tax for the oil industry and a levy on industrial petroleum use. Last week, to Ullman's discomfort, the committee voted down several proposals to place stiff taxes on the sale of gas-guzzling cars. The House commerce subcommittee has been even more bogged...
...unsettling realization that the nation no longer enjoys a wide range of economic options. The quintupled price of petroleum forced upon the industrialized world by the Arab producers imposes tight new limitations on U.S. action. As economic activity picks up in the U.S., it will be compelled to import more oil. That could drive upward the U.S. deficit in its balance of payments, which, in turn, might force the Government to lessen the pace of the recovery. Unless the U.S. summons up a high degree of self-discipline and coherent economic policy, the nation could blunder into the frustrating pattern...