Word: steel
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Dates: during 1960-1969
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...steel sculpture, when completed in three days, will look like a cluster of black sails, but it represents nothing in particular. "I just built it," Calder said...
...spent wildly and badly on crash industrial schemes. Since 1962, he has launched 47 state enterprises that have invaded almost every sector of the economy. All but three of them are deep in the red, and the Kwame Nkrumah Steel Works had to close down after three months because it had used up all of Ghana's scrap iron, its only source of raw material. Government payrolls swelled to an amazing 250,000 people -two-thirds of all salaried workers in Ghana-and corruption was rampant. The wife of one of Nkrumah's Ministers imported a gold-plated...
...they expect the Soviet national income to be up 85% from 1960-impressive, but still only half of the Khrushchev goal. Where Khrushchev forecast an annual electric-power capacity of 950 billion kw-h by 1970, the new five-year plan predicts 840 billion kwh. Over the same period, steel production is supposed to climb to 124 million tons a year (v. Khrushchev's 145 million tons), oil production to 355 million tons a year (v. Khrushchev's 380 million tons), and fertilizer output to 62 million tons annually (v. Khrushchev's 77 million tons). In agriculture...
...beat further price hikes, businessmen are increasing their inventories at a pace unequaled since the Korean War: $10.1 billion a year. During January, bank credit expanded at 20% a year, double the already high rate of the past five years. Skilled labor has become so scarce that Inland Steel is trying to fill 600 job vacancies, is recruiting as far away as 400 miles from its East Chicago base. Detroit automakers are hiring unemployed Appalachia mountaineers to sweep floors -at $3 an hour. For its part, the Government has poured on more inflationary fuel: the national income accounts budget, which...
...support Japan's steel industry, the world's third largest, Japanese companies have purchase agreements covering five fields in Australia, have put up $21 million to develop iron sources in India, will get more ore from Goa and Brazil to ensure a total 50 million tons a year. Coke to reduce it will come from Australia...