Word: outputted
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...major innovation was the "contract responsibility system" that permitted peasants, once they had turned over a relatively modest quota of their crops to the government, to sell the rest on the open market. The results have been stunning: record harvests in almost every crop since 1979, and agricultural output growing an astonishing 7.9% a year...
Deng is determined to change all that. Just last week, the authoritative Economic Daily announced that the number of commodities subject to planned output targets would be slashed from 120 to 60 in the industrial economy, and from 29 to ten in the agricultural sector. Thus many more goods can now fluctuate according to the law of supply and demand. Until this month, state-owned factories were forced to hand over all their profits to the state. Now the plants simply pay a progressive tax on profits and then use the remainder for incentive and welfare schemes or direct reinvestment...
When OPEC ministers meet in Geneva, they will have four basic choices: cut production, cut prices, adjust prices between light and heavy crude, or do nothing while hoping demand will pick up soon. It will be extremely difficult for them to decide which members should cut back output and by how much. All the countries want to keep production up in order to keep money flowing in. Iran and Iraq have a four-year-long war to finance. Venezuela and Nigeria owe large debts to Western bankers. Reducing the official price from $29 to compete with Britain could start...
Marino, who completed 24 of 39 passes for 316 yards, needed just half a season to break Bob Griese's club record of 22 touchdown passes. The Delphias' offensive output fell four yards short of the team mark established earlier this year...
Another cloud on the horizon is the economy. Industrial output is stagnant. Unemployment hovers around 14% nationwide and runs as high as 40% in some places. Foreign debt has risen to $3.4 billion, and export revenues (primarily from bananas, shrimp and light manufacturing) are falling. Panama is not benefiting much from the country's famous waterway, which was transferred to joint U.S.Panamanian administration under the 1977 Panama Canal treaties. The Big Ditch, historically a not-for-profit concern, last year showed an operating loss of $4 million, reflecting a worldwide shipping slump. One of Ardito Barletta's first...