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...What is happening in the Arab world," former U.S. Ambassador to Cairo Raymond Hare explains, "is not a revolution but a revulsion." It is a revulsion against foreign domination, whether cultural, economic or political -and even unsophisticated Arabs recognize that Communism is a foreign import. Arabs still dream of the time, twelve centuries ago, when their forebears dominated a vast sweep of Europe, from the banks of the Indus to the valley of the Loire. They might use Communist help in hopes of restoring that glorious past, but they are not likely to accept Communist suzerainty...
...enough dollars circulating in the Eurodollar market to empty out Fort Knox several times over. The deeper danger is that European governments will clamp stern controls on the international exchange of money-particularly on the inflow of dollars-and that the U.S. will put equally rigid controls on the import of goods. In Washington, there is much discussion of imposing surtaxes on imports. Any of these steps would damage the system of free trade and investment, which has done so much to promote postwar economic growth. A much more prudent move would be for the U.S. to adopt an incomes...
Since 1965, Japanese steel production and the corresponding coal and iron-ore imports have grown at an average 11% per year. Unable to meet the coal and ore import needs of the mills, Japanese steamship companies began chartering extra tonnage from foreign shipowners. As a result, almost all freight rates were pushed skyward. At the peak of the boom in 1969, the steamship companies were chartering Greek and Norwegian vessels to haul coal from Hampton Roads, Va., to Japan for the hungry steel mills at rates that gave the shipowners profits of as much...
...times, labor-intensive industries like the textile, shoe and watch manufacturers usually have low productivity. If left to survive on their own, many companies in those industries could not compete against foreign producers. For political reasons, however, a number of low-productivity industries are kept afloat by tariffs and import quotas...
...Wait a Minute." Stans torpedoed a Cabinet task-force report urging an end to the import quotas that keep U.S. oil prices higher than necessary. Against the recommendation of John Mitchell's Justice Department, he also managed to water down the Administration's consumer-protection bill, making it much harder than originally planned for large groups of aggrieved customers to collect damages through class-action suits. Such suits, Stans told TIME Correspondent Mark Sullivan, could result in "intolerable harassment of business." Instead, Stans advised "experimenting with local consumer courts" and the continued use of the Better Business Bureau...