Word: terme
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Dates: during 1950-1959
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Arkansas' Governor Orval Faubus, just nominated (and thus elected) for his third term, had no such qualms. "Compliance," sneered Faubus, "cannot be obtained by invoking the sacred name of the Constitution, or by the use of the once-magic name of Eisenhower." At week's end he called a special session of the Arkansas legislature, asked it to pass a new set of anti-integration laws-in Southern anticipation of a final Supreme Court order to reintegrate Central High...
...West Germany planned to make $125 million in long-term credits available to Arab, Asian and Latin American nations. Helpful as this would be to the recipients, it was also designed to give West German exporters a competitive edge in some rapidly expanding markets...
Shorter contracts also are preferred by firms in fastmoving industries where technological changes come with dazzling rapidity. A rigid, long-term contract only tends to damage their competitive position. Electronics firms and oil producers must have flexible labor relations if they hope to take advantage of technological breakthroughs. In aviation, Lockheed and other planemakers prefer short-term contracts, not only because the state of the art is proceeding in quantum jumps, but also because the business itself comes in fits and starts...
Another major effect of long-term contracts is to nudge the price spiral higher. Long-term contracts boosted the steel industry's labor bill by 26? an hour last month; steel prices advanced soon after by $4.50 per ton at a time when many experts argued strongly for price cuts to stimulate the nation's economic recovery. Money-losing railroads were obliged to hike hourly wages by 12? last November, pile on 4? more in April, now are slated for a third 7? jump this November. Meanwhile, they fall deeper into the red, though both passenger and freight...
...wants to scrap long-term contracts altogether. More and more companies now aim at the compromise middle ground of a two-year contract. What U.S. industry also needs is a contract that will give it some of the same protection that U.S. labor gets. Just as labor's wages are often pegged to the cost-of-living escalator, so might they be tied to earnings, with the automatic wage boosts being granted in fat years and withheld in times of temporary recession. In a dynamic economy, the escalators should run in both directions...