Word: reformations
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Dates: during 1960-1969
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...Bread. If such economic devices have a capitalist ring, Kosygin was not going to admit it. Anyone who talks of Russia's return to capitalism, he said, "only attests to wishful thinking." And though Kosygin's new measures represented the largest advance yet for the Western-style reform theories of Soviet economists like Evsei Liberman (TIME cover, Feb. 12), they were balanced by a tightening of the planning bureaucracy. Kosygin announced that the regional planning Sovnarkhozy set up by Khrushchev in 1957 would be abolished, and all Russian economic life put under 20 new national ministries. Among...
...which usually finds itself in the role of the giver at such sessions, this time wanted something itself. It wanted what President Johnson called, in his address to the powerful members of the IMF, "a new and imaginative look" at the subject of world money reform...
...Continent demurred. They argued that, first of all, the U.S. and Britain must bring their balance of payments in order.* Calling for monetary discipline," Germany's Bundesbank president, Karl Blessing surprisingly supported the French' "What the world needs," said he, "is not so much the general reform of the international monetary system as an improvement of national policies of adjustment. If all leading countries were to aim at balance-of-payments equilibrium the need for reserves would be small...
Despite these digs, the Europeans generally moved toward accepting Treasury Secretary Henry Fowler's call for urgent talks on reform, which perhaps will lead to creation of an international currency to supplement dollars, pounds and gold (TIME cover, Sept. 10). The rich nations in the so-called Group of Ten instructed their Deputy Finance Ministers to start negotiating now on "an intensified basis." Though the continentals had hoped to restrict the talks to the clubby Ten, they now seem to agree that, at some time in the near future, the 30-nation IMF executive board should be brought...
...that progress toward change will be achieved by next spring, and that the talks will be widened to include the smaller IMF members outside the Ten. That estimate is optimistic, but even France's Finance Minister Valéry Giscard D'Estaing admitted: "The ice floe on reform has at last broken. People are now ready to talk business." Perhaps it was symbolic that, in their off-hours Fowler and Federal Reserve Chairman William McChesney Martin played a brisk match of tennis against Giscard and his deputy, André de Lattre. Score...