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...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...
...spectacular policy shifts on China and the economy. The fact that Presidential Adviser Henry Kissinger had paid a secret visit to Peking was sprung on Japanese Premier Eisaku Sato only three minutes before it became public knowledge. Precisely a month later, when the President proposed tough monetary policies and import surcharge taxes that will seriously affect the Japanese economy, Sato was only given ten minutes' advance notice. Discussing the double-barreled blow recently at ceremonies opening the new Japan House in New York City, Professor Jun Eto of the Tokyo Institute of Technology said: "It was almost...
SHIRLEY'S WORLD (ABC). In this import from England, Shirley MacLaine portrays an impulsive photojournalist from the States, based in London. The premiere established her credentials in the face of a male-chauvinist editor; in the second segment, she got unprofessionally overinvolved in the tax problems of a home-distiller in Scotland. Both scripts were absurdly implausible and unworthy of the performer's literacy and charm. But Executive Producer Sheldon Leonard, who in better days produced I Spy and the old Dick Van Dyke Show, insists that Shirley will be the first TV comedienne to have an obviously...