Word: reformations
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Dates: during 1960-1969
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...road liberal and a foreign minister under ex-President Juan Bosch. "We are a country," said García-Godoy in his inaugural speech, "at the brink of an abyss. We must react with honest administration, intensive popular education, the establishment of a civil service, an agrarian reform, an armed forces which is completely nonpolitical...
...root of the problem is the ejido system of land reform, enshrined in Mexico's constitution of 1917. Individual peasants are given the use of small farms on government reserves or expropriated land, which they can transfer to their children but cannot sell or mortgage to obtain desperately needed bank loans. The result is the atomization of landholdings: most Mexican farms average 15 acres in size. Grinding poverty has led to peasant invasions of private land in some states, notably Tlaxcala and Oaxaca, and the government has been forced to use soldiers to drive out the squatters...
...bitterness. Reason: the free world faces the grave possibility of a shortage of money to use in financing its rapidly growing international trade and investment, partly because it has leaned too heavily on a couple of powerful currencies. The result is the loudest clamor in 20 years for a reform and updating of the world's monetary system?that motley of treaties and gentlemanly agreements through which the major nations have agreed to finance their commerce with one another...
...they must begin serious, continuing talks now. Fowler's friendly persuasion has also made it certain that plans for reform will be on the top of the IMF's agenda...
...When reform comes, perhaps within two years, one inevitable consequence will be less dependence on the dollar and more reliance on other forms of finance?a development the U.S. would welcome. The dollar will no longer be almighty in the sense that it is called upon to do the whole world's work. But neither Fowler nor anyone else in the Administration intends to concede an inch (or a penny) when it comes to the dollar's basic value and its power to move freely around the globe. The dollar will remain the world's most potent money, as befits...