Word: third world
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...right, of course, about the third alternative, and a very sensible one it is--working out some system of fooling the grader; although I should prefer the world "impressing." We admit to being impressionable, but not being hypercredulous simps. His first two tactics for beating the system, his Vague Generalities and Artful Equivocations, seem to presume the later, and are only going to convince Crimson-reading graders (there are a few and we tell our friends) that the time has come to tighten the screws just a bit more...
...battle for control of Midland Bank has begun. Last week Lloyds Bank announced that it was considering making a $6.6 billion bid for Midland, Britain's third largest bank, besting the $5.8 billion offer made by Hong Kong-based HSBC Holdings. If the deal goes through, the Lloyds-Midland combo, with assets of $197 billion, will rank 18th in the world...
...open international commerce is as vital to American prosperity as it is to any other nation's. Last year the U.S. was the world's largest exporter, selling a record $422 billion worth of goods and $145 billion in services abroad. Each billion dollars of exported merchandise generates 20,000 jobs, and fully one-third of the country's economic growth in the past five years has flowed from the surge in foreign sales. For example, more than $20 billion in revenues made by U.S. airplane manufacturers comes from sales abroad, money that then finds its way into the cash...
...Uruguay Round of GATT, the 107-nation General Agreement on Tariffs and Trade, is in trouble. Washington and the E.C. are locked in a quarrel over how much Europe will be allowed to subsidize its farmers and thus give them an advantage over everyone from American wheat growers to Third World farmers trying to produce cash crops for foreign markets. There are fears that unless something is done to break the stalemate, the world will slip into commercial darkness and political tension. Warns GATT's director general Arthur Dunkel: "There will be major negative consequences for social stability and even...
...Uruguay Round is especially interesting to American business because it tackles whole new areas of commerce, perhaps one-third of the world economy, previously left outside GATT controls: services like banking, insurance and telecommunications; intellectual property such as patents, software and video recordings; and agriculture. These are all areas where U.S. firms could strenuously compete if foreign governments treated them no worse than homegrown firms. For example...