Word: standardize
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Dates: during 1950-1959
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Despite a massive exchange of press releases and newspaper ads about the wage package, the real issue was still not wages but the work rules set up twelve years ago by Section 2-B of steel's standard wage contract. Management demanded change because the rules foster "featherbedding and loafing." The management demand solidified union ranks, raised howls that a change would let "stopwatch pirates come into the mills and set speed-up practices." Neither side made a clear case. Steel has no record of flagrant featherbedding; as compared to the same period in 1951, U.S. Steel produced...
Although one member, George F. Baker '61, holds an Instructor's License, and gives as much free help as possible to new members, a professional instructor must be hired for the rest of the time. The standard fee is $5 for each hour...
...return to the gold standard would probably have to be accompanied by a price hike in gold to provide more adequate backing for the vast expansion of money and credit in the last few decades. Some economists who do not advocate a return to the gold standard nonetheless want a price hike. They argue that the U.S. has artificially kept gold at a fixed price since 1934, while the prices of the world's goods and services have more than doubled, and that not enough gold has been produced to keep up with the world's economic strides...
...great majority of the world's economists strongly oppose both the gold standard and a price hike. Says a top U.S. Treasury officer: "The full gold standard is oldfashioned, impracticable, a discipline enforced with the lash. The world has moved on without it." In place of that rigid discipline, nations have built up flexible disciplines better suited to control the ups and downs of the complex modern world, such as the International Monetary Fund. Opponents of return to the standard of a quarter of a century ago insist that the U.S. is already as near to a gold standard...
Economists still believe firmly in gold's prime importance as the ultimate financial standard. They consider it psychologically vital to fiscal confidence, useful as a long-term guarantee that countries can meet their bills. But they have long since ceased to regard it as the sole test of a currency's stability. More important in today's world is the health of a nation's economy, the real rise in its national income, the strength of its built-in fiscal controls. Most nations now have learned the heavy price of unsound financial and fiscal policies; they...