Word: productive
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Dates: during 1950-1959
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...most important thing we've done," says Rawlings, who can look deceptively easygoing with pipe in hand and feet on desk, "is to cut the time in getting our product to its ultimate consumer." The product can be anything from a 4½ton Atlas missile to a bucket of paint; the consumer can be a Strategic Air Command grease monkey in Morocco, an Air Force fighter squadron in Tokyo, a missile-testing crew at Cape Canaveral. Adds Rawlings: "Since 1951 we've just about equipped the Air Force with jet equipment. We've written contracts...
Prado took over an economy that was (and is) basically strong and growing, if temporarily tormented. Its free-enterprising policies have brought $970 million in foreign capital, and between 1948 and 1957, gross national product almost doubled. At first Prado hiked wages and the budget too abruptly, and the U.S. recession dropped commodity prices: copper 44%, cotton 25%. The Peruvian sol dropped from 19 per $1 to 25. But Prado fell back on his banker's training, hiked customs as high as 200% on luxuries, clamped rigid reserve requirements on banks and stabilized...
Judged by unemployment alone, the U.S. is not. Industrial production is back almost to peak levels, and yet industry still has 20% unused capacity, along with 4,108,000 unemployed (6.1% of the labor force). There are other doubts about economic growth. After half a century of expansion at an average 3% annually, the real U.S. gross national product (excluding price boosts) has gained only an average 1.3% annually over the last five years...
...government intervention is the industrial lessons of the last few years. Booms in hifi, boating, photography, travel, frozen and gourmet foods, all come from relatively new things that tempted consumers to part with their cash. This is the real road to growth, the innovation of exciting and useful new products and industries that Government alone cannot start. It can only provide the incentive for business to improve itself. As Harvard's Slichter says: "You can't expand without demand for the product. We need less sales talk, less hot air and better quality and more originality...
Although the Greek and Turkish governments have finally found an agreement for Cypriot liberty, many problems still lie ahead. The tragic situation of civil strife, repression and reprisal which as comprised Cypriot life for the past years was the product of several conflicting 'interests, and not all these interest have been reconciled. The British have seen their Cyprus base as necessary to the preservation of their position in the Mediterranean, especially since they were required to leave the Suez canal. The Greek-Turkish proposal does provide that the British can retain their base on the island, and thus English approval...