Word: rawness
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Dates: during 1960-1969
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Incentives to Expand. Next to the Prime Minister himself, the Chancellor of the Exchequer treads the highest wire in British government. In a nation that survives by importing raw materials, turning them into manufactured goods and exporting them again, living standards can only be realistically improved by boosting productivity, which in Britain has grown at less than half the rate of its European trade rivals. An easy-money boom ("You never had it so good") led to dangerous inflation that threatened to price British goods out of world markets. Chancellor Selwyn Lloyd has had to clamp drastic restraints on wages...
...Commonwealth controversy, few Britons recall that its sacrosanct trade ties started as a marriage of convenience-and have lately proved increasingly inconvenient. Since the 1880s, British politicians have dreamed of the Empire as a competition-proof common market that would forever absorb British manufactured goods and supply cheap raw materials in exchange. But it never worked that way. In 1962, as Richard Cobden protested in the early 19th century, the Commonwealth is, in purely economic terms, "but a gorgeous and ponderous appendage to swell our ostensible grandeur without improving our balance of trade...
Heavy industrial output, down 35% in 1961, is still plummeting. Reason given in every case: "shortage of raw materials." Beggars are commonplace in Canton, and prostitutes, supposedly "reformed" by the government, are back in business. Black-marketing flourishes, and corruption among Communist cadres is rampant...
Prime movers in this proliferation of trade blocs are the underdeveloped nations, which live by exporting raw materials, and fear that the common tariff wall being built by Europe's Six will freeze their products out of traditional markets. By developing their own customs unions-each with monopolies on materials that Europe needs and consumers that Europe wants-the outsiders figure that they can deal from strength against Europe, or the U.S. As yet, however, most of the "little common markets" consist largely of ambitious names...
...traditional Philippine pattern of easy enjoyment of inherited wealth was not for Soriano. From the brewery, he expanded into the soft-drink business, then set up a plant to make bottles for his beverages and opened a silica mine to provide the raw materials for the glass...