Word: nationalizes
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Dates: during 1970-1979
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...times in the past decade. In 1977, by Western estimates, it reached 1.8 million bbl. a day, edging ahead of Indonesia in output. Because they are beginning to convert their industries from coal to oil. the Chinese keep most of the oil for themselves. Only 10% of the nation's production is exported, mostly to Japan to finance the purchase of much-needed industrial and technological equipment. China's aim is to quadruple production, to roughly 8 million...
...platform of reducing defense outlays, submitted a military budget calling for a 3% increase in spending, discounted for inflation, to $117.8 billion. Liberals are vowing to get a larger share of the pie for social welfare programs this year, while conservatives are equally determined to maintain the nation's military preparedness. Thus the stage is set for some ferocious floor fights in the coming months...
...speeches to drift away by the next week. But the budget is hard fact printed in cold type. You can feel it and rime it, a 7-lb. 10-oz.. 2,050-page document between stolid beige covers. You can profile a good portion of this nation by journeying patiently through its ranks of numbers. There is something final and real about it, and the sense here is that this one has captured a good piece of Jimmy Carter's quicksilver soul...
...collapse of the Bretton Woods international monetary system in 1971 means that the value of a nation's currency has almost totally been divorced from the quantity of gold that the country keeps in its vaults. As a result, the world's central banks now buy gold only rarely. Yet hard as several successive U.S. Administrations have tried to break the link between gold and the dollar, it still seems to exist, although in a reversed way; on certain days last month, the price of gold went up almost exactly as much as the price of the dollar...
Thus did Robert S. Strauss, Jimmy Carter's chief trade negotiator, size up the importance of last week's Geneva session in the 98-nation trade talks sponsored by the General Agreement on Tariffs and Trade (GATT). Started in Japan more than four years ago to lower international tariff walls, the so-called Tokyo Round talks have proceeded at a snail's pace-mostly as a result of U.S. preoccupation with Watergate, the Viet Nam pullout and the 1976 presidential elections. Last week the negotiations entered a new and decisive phase, when the U.S. followed Japan...