Word: pre-war
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...there are also plain and simple facts: 1) Cuba's income this year is at a 15-year peak; 2) Cubans have more automobiles, radios, refrigerators and telephones than ever. Furthermore, the entire export sugar crop has been bought by the U.S. at 2.65? (compared to a pre-war world sugar price of less than 1?), and will be paid for whether or not delivery is taken...
...begins assessing excess profits 5% below the pre-war profit level, so that, for example, a U.S. company whose pre-war earnings were $100,000 would have an excess-profits credit of $95,000 and would, therefore, have to earn $145,000 before its net, after excess-profits taxes, would get back...
...British try to make sure that only true war profits are subjected to the excess-profits tax. They permit corporations to base their excess-profits-tax exemption on the corporation's best pre-war year if it was 1935 or 1936, or on the most prosperous combination of 1935 and 1937 or 1936 and 1937. U.S. corporations have to take the bad years with the good...
...Nazis were known to have dispersed their U-boat industry throughout the Reich and occupied territory to evade the R.A.F., breaking up such pre-war building centers as Hamburg, Kiel, Bremen. Relentlessly the R.A.F. has searched out new plants and plastered them with explosives...
...Pre-war economy according to the professor was based upon the idea of "laissez faire." The government kept its hands out of business and let the market value of goods be controlled by supply and demand. In this way, the errors from personal judgment were supposed to be eliminated because of the insignificance of the individual...