Word: important
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Dates: during 1950-1959
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After a three-year study of eight tariff-protected U.S. industries, Economist Percy W. Bidwell concluded last week that gradual but deep tariff cuts would not hurt U.S. industry as a whole and would damage only the marginal producers .in import-sensitive industries. "Most of these industries," he wrote, "have been in long-term declines and are characterized by weak financial situations, severe seasonal or cyclical unemployment and wages below the national levels." Bringing down the tariff walls could channel U.S. capital and labor into more productive endeavor...
...continue in uneconomic industries that require federal protection, says the study. In effect, they are subsidized by consumers. In the mass-production industries, where U.S. wages are far above world scales, Bidwell found that the U.S. worker usually so outproduces low-paid foreign workers that most tariffs and other import restrictions can be safely eliminated. Even in handwork industries, where the cost of labor makes up a large share of the product cost, he concluded that the tariff does little more than bail out the marginal producer...
...export drive is hampered by Japan's limited railroad and trucking facilities. A million and a half tons of goods are now piled up at railroad sidings waiting shipment to docks. To break such bottlenecks and broaden its export base, Japan will import 1,300,000 tons of steel...
...Most notable development: Chairman Eisenhower's promise that the U.S. will join in a plan to train Latin Americans in atomic-energy techniques at the Spanish-language University of Puerto Rico. But the atom's promise lies some years ahead. As the supercommittee deliberated, the U.S. Export-Import Bank met one of Latin America's most urgent needs by lending $100 million to Argentina, where the rail and highway system is near the breakdown point for lack of locomotives and trucks...
Perhaps the only weak link in almost nine centuries of tradition was 1789 when the Puseys of Pusey Manor found themselves without a male heir. Ever resourceful, they import the a nephew from France who, like a good Frenchman, adopted the family name and produced a long line of male Puseys, some of whom still live in England, some in France, and some--however remotely related--in Cambridge...