Word: importent
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Dates: during 1970-1979
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...long ago, a small-time Tokyo businessman named Tadao Nakata hit upon an idea that he hoped would bring him, as he later put it, "tons of money for the future." He contracted with a California publisher to import 10,000 copies of a grossly prurient quarterly called Trio, which billed itself rather improbably as "a cultural, scientific and sociological publication." Yet even though Nakata had the printers take an air brush to some of the more explicit photographs, Japanese officialdom was outraged. First, customs authorities forced Nakata to have 37 "undesirable" spots in each copy daubed with ink before...
BRITAIN. Since it floated the pound last month, Britain has imposed a whole range of controls on capital outflows, strengthening barriers in force since 1947. Banks are severely limited in dealing in foreign exchange for their own investment purposes. Companies are allowed to buy foreign currency only for import and export deals or for officially sanctioned overseas investment. The rising burden of bureaucratic paperwork could threaten London's role as a world financial center. Says an official of London's Midland Bank: "These days I push paper for the government...
Perhaps Gerstenberg spoke too soon. The day after he gave his speech, Chevrolet dealers were notified to prepare for the biggest recall yet of the sub-compact Vega, one of the little cars that were introduced with much promise as America's answer to the import invasion. It is the third embarrassing time within three months that Chevy has had to issue Vega recall notices. First, drivers discovered a faulty fuel and exhaust system that could start a fire in the carburetor. Then a poorly designed bracket for holding an antipollution device caused some throttles to stick...
...meat, Nixon also removed the import quotas for the rest of this year. It is questionable whether that will make much of a difference in meat prices. On a per capita basis, imports last year accounted for only 11 Ibs. of the average 192 Ibs. of meat eaten by Americans. Imports have been low partly because of quotas and partly because of quality. While Americans savor the well-marbled steaks and tender roasts that come from grain-fed cattle, foreign ranchers generally raise grass-fed cattle, which produces leaner meat. In the U.S., imported beef is usually ground up into...
Nixon might have tempted foreign ranchers to sell more to the U.S. if he had permanently lifted the protectionist, inflationary import quotas. That action, however, would have been bad electionomics because it would have endangered his farm vote. But if prices do not taper off soon, the President may have to swallow hard and put controls on the prices that farmers charge. Farmers would undoubtedly howl that the Government was trampling on free enterprise. Yet they seldom complain about all the controls and subsidies that prop up prices in agriculture, which is one of the most highly regulated and protected...