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...initial eight-year plan, unfurled in 1978, set some Olympian goals, including a 30% increase in China's grain production, a doubling of steel output and the completion of 120 major new industrial projects by 1985. Today the general commitment to modernization remains, but there is apparently a shift in strategies and priorities. The Chinese are suddenly worried about two key problems: 1) How to pay for the transfusion of technology that will be required? 2) How to absorb it into an economy in which education levels are low, "modern" machinery is out of date...

Author: /time Magazine | Title: Business: China Faces Reality | 3/12/1979 | See Source »

Malnutrition and even hunger prevail throughout Viet Nam. Agricultural output declined 15% in 1978, while prospects for this year are so poor that Hanoi has already scaled down its crop estimates from the stated targets. Following widespread flooding of rice lands last September, the monthly ration of food per person was cut from 33 Ibs. to 29 Ibs. Of that, ordinary peasants and workers are allowed only a little over 2 Ibs. of rice, the staple of the Vietnamese diet...

Author: /time Magazine | Title: World: Hard Times for Hanoi | 3/5/1979 | See Source »

...increase Iran's oil production from its current rate of 700,000 bbl. a day, which is barely enough to provide for the country's needs, to 3.5 million bbl. in a few months. Though that is scarcely more than half Iran's pre-revolution output, it is a reasonably ambitious target, especially since the country's oilworkers have strong leftist sentiments...

Author: /time Magazine | Title: IRAN: Now, Another Power Struggle | 3/5/1979 | See Source »

Last week two more oil majors, following the lead of Exxon and Texaco, announced that they were gloomy enough over the continuing world oil shortfall to begin rationing fuel to big customers. Phillips Petroleum and Shell, the nation's largest gasoline seller, have either cut refinery output or reduced dealers' delivery allocations; the cuts range from Shell's maximum of 8% to Phillips' much more drastic 30%. And the reductions could get worse. "After the second quarter, it's anybody's guess what will happen," says an Exxon spokesman...

Author: /time Magazine | Title: Business: Coming: The Crunch of '79 | 3/5/1979 | See Source »

...wages in 1974, after a second attempt by the Teamsters to unionize the plant was only narrowly defeated. The management began posting on the bulletin board both monthly production figures and the wages of all workers up to plant supervisor. The idea was that employees could see the output trends, figure how much the company could afford and decide who deserved the most. Says President Manford McNeil, whose salary of "more than $25,000" is set by the board of directors: "The workers are bound to have a better idea of how hard-working or reliable an employee is than...

Author: /time Magazine | Title: Business: Voting for Pay | 2/26/1979 | See Source »

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