Word: oma
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Policymakers of the European Community have begun promoting what they call "organized liberty of exchange"-an Orwellian euphemism coined by French Prime Minister Raymond Barre. It means negotiated agreements limiting imports during hard times. An American variant of that idea is the "orderly marketing agreement" (OMA), which is emerging as the Carter Administration's chief response to protectionist clamor...
...Administration has negotiated an QMA limiting imports of Japanese color-TV sets to 41% of their 1976 level (a restriction that obviously has not stopped Zenith from concluding that it will benefit by becoming a foreign manufacturer). Another OMA limits imports of shoes from Korea and Taiwan to 25% and 20% respectively. The Government is now under heavy pressure to negotiate an OMA in steel. One reason: privately owned U.S. companies have to compete with foreign mills that are either government-owned or heavily subsidized...
Whether an OMA would really help the steel industry is open to question. In a study sent to President Carter last week, the Council on Wage and Price Stability contended that restricting imports would not solve the industry's biggest problem: high costs brought on by a failure to modernize and by generous wage boosts. That problem illustrates one of the traditional arguments against protectionism: it saves industries only from the consequences of their own inefficiency. Another strong argument is that protectionism fans inflation by denying some consumers the chance to choose inexpensive imports instead of high-priced domestic...
...mercenaries were dressed identically in beltless, one-piece tan prison-issue jumpsuits. During the twice-daily sessions, the prisoners sat calmly on backless wooden stools on a red-roped dock facing the tribunal−a court that consisted of two Angolan lawyers, two soldiers and a representative of OMA, the national women's organization. The mercenaries followed the questioning intently on headsets for simultaneous translation into five languages−English, French, Portuguese, Spanish and Russian. There was a point to having the proceedings delivered in the two latter languages: Russian and Cuban advisers to the Angolan government were conspicuously...
Ford's announcement came as a surprise to some of his top economic advisers. The President made his feelings known on the campaign trail in Oma ha, not in prepared remarks but in response to journalists' questions. He gave no hint of how big a tax cut he would accept, or what spending cuts he might insist on, and indicated that a combination of tax and spending reductions was only one of several plans under consideration...