Word: quota
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Under Cambridge's antiquated system of proportional balloting, voters rank candidates in order of preference--one, two, three and so on. As a candidate reaches quota and is declared elected, his surplus votes are transferred to the candidate ranked second on the ballot. Then, the candidate with the fewest votes is eliminated in successive rounds and his ballots are similarly redistributed. This process continues until all the seats are filled...
Still other possible features of a generic trade act, however, would be definitely counterproductive. Congress may try to limit the President's power to override International Trade Commission recommendations, like the one to impose a shoe quota. But while the ITC properly focuses on whether industries are injured by imports and what measures might afford relief, the President must consider broader matters, such as the interests of consumers and foreign relations. Reagan is strongly opposed to any restrictions on presidential prerogatives, but he has bent in the past to congressional pressure...
Many factors combined to produce that surge. The figures on the trade deficit seemed to cry for action. Last spring the International Trade Commission found that the shoe industry was being crippled by competition from low-priced imports and recommended that Reagan impose a strict quota on foreign footwear. But in August the President refused, warning of a trade war and renewed inflation if he acquiesced. His action convinced many on Capitol Hill that the Administration would not help even the most severely affected industries unless Congress forced his hand...
Energy-industry insiders saw the Saudi negotiations as an effort by Riyadh to pressure the rest of OPEC's 13 members into halting the now common practice of selling below official prices and exceeding their production quotas. Said a Japanese oil trader stationed in the gulf region: "First and foremost, this netback scheme is a warning to OPEC and non-OPEC oil producers that they must all take coordinated action or the Saudis will go further." As if in confirmation, Yamani warned that a ruinous price war could develop by next spring unless OPEC members stuck to official quota...
...Trade Commission decided that shoe imports were causing "serious injury" to the domestic industry. The I.T.C. in June ruled, 4 to 1, that the Government should limit imports of nonrubber shoes valued at more than $2.50 to 474 million pairs for the first two years of a five-year quota plan. Such a program would have stepped on plenty of toes. Footwear prices would probably have risen by as much as 15% in the first year. While protectionist measures may save some jobs, consumers almost always suffer because the limit on supplies drives up prices. The Federal Reserve Bank...