Word: ruling
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Dates: during 1950-1959
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BUSINESSMEN in the U.S. are traditionally leery of government interference in the economy. Nations that have shed colonial rule tend to be equally suspicious of capitalism. Thus, a prime problem of the San Francisco conference was: Where should governments leave off and private enterprise take over in developing backward economies...
...pass a mining-and-oil-exploration law that would bring in new foreign companies, will offer no assurances against confiscation of new capital. Indonesia's legislature has ordered a 35-hour week, though per capita income is an estimated 15% below the level under The Netherlands' rule, and the population is rising 50% faster than production...
...West Germany saves 22%, Canada 24%, Peru 21%, Austria 24%, Iceland 31%, Norway 29%, Israel 22%, Japan and Italy 20%, the Federation of Rhodesia and Nyasaland 34%. On the other hand, Chile saves only 8%, the Philippines 7%, Indonesia 5%, and many other underdeveloped countries even less. A rule of thumb is that any country with a rising population must save at least 10% of its current production for investment if it hopes to make progress in raising the living standard of its people. If a nation saves from 10% to 15%, it can expand rapidly...
...Hermann Abs, in a speech titled "The Safety of Capital," who produced the most widely applauded concrete proposal of the conference. What Abs proposed is the creation of an International Convention, backed by an international Court of Arbitration, which would establish an effective and enforceable rule of law for private foreign investment, protecting investors and recipient nations alike...
...president of the Tokyo Shibaura Electric Co., suggested an international agency to exchange technical know-how and services, thus promote industrial development and combat anti-foreignism in backward countries. In much of the world, said Ishizaka, there is still a blind prejudice that "capitalism leads to imperialism" and alien rule...