Word: trade
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Dates: during 1950-1959
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...many more reasons for hope and confidence than at year's beginning under Sputnik's beep-beep. The U.S. was solid on holding Berlin, unifying Germany by free elections, strengthening NATO, defending Formosa and Quemoy, adding to deterrent power, pressing and pressing again the need for more trade and aid. The strong foundation: the health of the U.S. economy and way of life as evidenced in 1958 by recovery from recession at home (confounding a basic Marxist proposition) and by the popularity overseas of U.S. staples that ranged from glass-walled skyscrapers and management consultants and supermarkets...
...addition to devaluing the franc, France had also to make it convertible-or else face a capital flight away from the franc to the convertible pound or Deutsche Mark. Unlike Britain, whose gold and dollar reserves are at a seven-year high, France is running a $60 million foreign-trade deficit every month...
...Outward Sign. Europe's brisk plunge into external convertibility had one important side effect. It spelled the end of a useful eight-year-old system, the European Payments Union. Foreseeing such a day, 17 countries of Western Europe pledged themselves, back in 1955, to settle their foreign-trade accounts through a new organization called the European Monetary Agreement. Unlike E.P.U., it will not automatically extend credits to nations that run a deficit in their inter-European trade. Without the cushion of automatic credits, all Western European nations-and especially France, which ran up a $460 million deficit in E.P.U...
...outweigh the risks. Return to convertibility, said Per Jacobsson, managing director of the International Monetary Fund, "is an outward and visible sign of the comeback of Europe in world affairs." More important yet, it went a long way toward establishing the climate of economic freedom in which international trade and investment have historically flourished. And it was only by establishing such a climate that mid-20th-century Europe, shorn of its empires, could achieve long-term prosperity and political health...
...descendants of the Prophet, but he is widely known as the Red Sherif. Before independence, the French jailed Sorbonne-educated Abdallah Ibrahim five times, once for an eight-year stretch. Since independence, backed by the powerful (600,000 members) Union Marocaine du Travail, the nation's only trade union, Ibrahim has ranted against foreigners, talked of nationalizing foreign interests and demanded the ouster of U.S., French and Spanish troops from their bases in Morocco. "Independence is not liberty," he declared recently. "Our economy remains in the hands of others, our vital installations are at the disposition of foreigners...