Word: inflationitis
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Dates: during 1960-1969
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The country's sudden wealth has disrupted social patterns, and relatively little has trickled down to its 1,800,000 people. The vast oil industry employs only 8,000 workers and technicians, many of them foreigners. Only 2% of the land is under cultivation, and even workable farm land...
Enforcing the Freeze. France confronts by far the most serious problem. Price increases have been accelerating ever since the costly wage settlements that ended the May-June general strike of 1968. Before the Aug. 8 devaluation of the franc, price increases reached an annual rate of 6.5% v. a July...
In Germany, Europe's strongest economic upsurge has now reached a point at which eight job openings await each temporarily unemployed worker, even though a record 1.4 million foreign workers now labor on production lines. Prices are rising at a 3%-a-year rate. That might seem small to...
In The Netherlands, introduction of the value-added tax, a complex form of sales tax that is being adopted throughout the Common Market, helped to push the annual rate of inflation to a startling 6% to 7% before the government instituted its price freeze.
European governments are adopting varying degrees of economic stringency to fight the inflationary trend. Only in Britain, however, has austerity been pushed hard enough to slow inflation; the rate is down to 4.5% this year from 6% in 1968. Britain's example is hardly comforting. The country's...