Word: spiral
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Dates: during 1960-1969
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...worried leaders as German Chancellor Ludwig Erhard and Italian Prime Minister Aldo Moro warn that continued inflation may ruin Europe's economy by weakening its currencies and shutting off its world markets. Even Pope Paul, in an unusual message last month, took note of Italy's inflationary spiral by recommending austerity both because of "the Lenten season and the state of things in this country...
While economists debate whether the U.S. is about to take off on another inflationary spiral, inflation is already rampant in one key area of economic life: land. In many cases, the price of land has risen as much as 1,000% in the last decade. A growing population, the migration from cities to suburbia, increased prosperity and widespread speculation have all pushed up land prices and made old Henry Ford's dictum come true in a way that he never anticipated: "The soil is the source of wealth-not the banks." The worth of all the land...
Like the Amazonian rain forest or the skyline of São Paulo, inflation in Brazil never seems to stop growing. The cost of living last year rose 80.7% : auto prices increased 100% , drugs 78% and food 77% . Last week Brazil's prices began a new spiral that threatens to make last year's inflation appear mild...
...Spiral. Each collective-bargaining bout tends to produce a labor contract that looks more and more like those in the U.S. One of the sharpest issues in Europe, as in the U.S., is the shorter work week-except that European workers are trying to pull their work time down from about 47 hours to near 40, while U.S. unions argue for a 35-hour week. The trend is also toward U.S.-style two-and three-year contracts that include built-in annual pay hikes. In Britain, 20% of the work force now comes under such long-term agreements, which help...
...everywhere, liberal retirement pay. Real wages are also increasing fast: last year in France they rose 8%, in Italy 15%, in Germany 6.5%, in Britain 4.2%.. This strategy has already contributed hugely to inflation in France, Italy and the Benelux nations, and rouses fears that a demoralizing new spiral may halt Britain's prosperity...