Word: sectoral
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Dates: during 1980-1989
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...wants the World Bank and the IMF to supervise closely countries that receive the new loans, to make sure the funds are used for economic changes that will stimulate long-term growth. One specific U.S. prescription: the debtor nations should turn over many state-run operations to the private sector. Says Rimmer de Vries, chief international economist for Morgan Guaranty Trust: "Latin American countries have relied far too much on government enterprises, which are usually inefficient, bureaucratic behemoths." The debtors must also take measures to slow down their capital flight so that money from the new loans does not simply...
...adopted a generally hands-off policy. Donald Regan, who served as Treasury Secretary during the President's first term, and Beryl Sprinkel, the Under Secretary for Monetary Affairs, did not believe in taking an activist policy role. Strong advocates of free markets, both men believed that the private sector should be left alone to solve world economic problems. They opposed intervening in currency exchanges to halt the rise of the dollar. They also believed that the world debt crisis could be handled mainly between private banks and foreign countries, with a minimum of government help. Those policies alienated many...
...trade deficit is for American firms to become more productive--and better salesmen abroad. U.S. firms must turn out high- quality products that earn their markets. Says John Young, president of Hewlett-Packard: "Government can't legislate success; the responsibility for being competitive falls squarely within the private sector." The major tasks ahead for American firms...
Government/Public Sector...
...stand on apartheid, but that this latest investment requirement has "political" implications. The writer mentions that Harvard used to require companies in which it invests to abide only by the Sullivan Principles, which are incorrectly defined as standards of corporate conduct in the workplace and not in the public sector. In fact, Sullivan requires active participation in the political process, lobbying against fundamental aspects of apartheid. Harvard has denounced apartheid in this manner for years and recent efforts to improve this denunciation do not imply the opposite...