Word: petroleum
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Dates: during 1960-1969
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...when a young reform-minded President named José Battle y Ordóñez started the country on a spree of welfare-statism. He and his successors set up workmen's compensation, minimum-wage and old-age-pension plans, organized a sprawl of government industries (insurance, electricity, petroleum refining) to cut consumer costs and-in an effort to guarantee democracy-replaced Uruguay's one-man presidency with a nine-man National Council. As benefits piled on benefits, the Council became less a government than a gigantic octopus that today is drowning in its own ink. To meet...
Monopolizing the Desert. The two governments plan to form a "cooperative association"; that will monopolize future oil and gas exploitation. Foreign companies already in Algeria-including Royal Dutch Shell, British Petroleum and Jersey Standard-will be allowed to stay, but will have their taxes substantially increased. The tax changes alone are expected to swell Algeria's oil revenues from $72 million in 1964 to as much as $120 million...
...targets available. They include the Thai Nguyen pig-iron plant 50 miles north of Hanoi, the superphosphate plant at Lam Tao, the chemical works at VietTri-all built within the past decade through Russian and Chinese aid. Also appealing: the Hon Gai coal mines, Haiphong's port and petroleum facilities and the military air-bases on which recline Ho's recently acquired MIGs...
Kuwait, that Connecticut-sized sandspit at the head of the Persian Gulf, controls one-quarter of the world's petroleum, collects $600 million in oil royalties annually and boasts a greater per capita income for its 468,000 people-$3,000 a year-than the U.S. Yet Kuwait's very prosperity has brought it some economic problems. The country is so saturated with imported autos, refrigerators, TV sets and other durable goods that sales have slumped for its 17,000 shopkeepers. Making this situation worse, a flood of job-seeking immigrants from other, poorer Arab lands has raised...
...their books these days, they may not be referring to debit and credit ledgers. Among U.S. companies, books have become so popular as sales tools that last year this category outstripped all other come-on devices except toys. More than 150 U.S. corporations-including Chrysler, Black & Decker, Weyerhaeuser, Phillips Petroleum, Carnation and G.E.'s Hotpoint Division-use books in sales campaigns. Last week the Aluminum Co. of America launched one of the biggest book campaigns yet. For 500 and an Alcoa coupon, it will send out a 310-page paperback called Mealtime Magic Cookbook, which contains hundreds of recipes...