Word: traded
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Dates: during 1960-1969
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When McGeorge Bundy left Washington last year to become head of the Ford Foundation, Lyndon Johnson lost a compelling voice for his policies of broadened foreign trade, a more realistic international monetary system, and wider, more willing U.S. investment abroad. Last week, addressing the International Chamber of Commerce in Manhattan, Bundy raised that voice again, arguing "The Case for Self-Confident Generosity in Trade, Money and Management." Excerpts...
...road come jobs, and with the jobs come large payrolls ($1.75 to $2.50 a day for laborers) that enrich the local economy and help usher in such 20th. century conveniences as sewers, electricity and refrigeration. Once a section of the road is completed, local farmers are able to trade more easily with neighboring villages and get their products out to bigger urban markets. Eventually, Belaunde hopes to relocate almost 1,000,000 peasants from the more heavily populated western regions of Peru to the less populated road areas...
Inevitably, anything that so permeates the life of a nation is bound to affect its economy. Music is a $30 million item on Austria's national and regional budgets, and it is the cornerstone of the country's biggest industry, the annual $600 million tourist trade. The Vienna State Opera's $10 million subsidy is bigger than the budget for the entire Austrian foreign service. With ten major orchestras and seven opera houses, Austria has ample opportunities for musicians, and 4,000 of its youngsters are currently studying music with an eye to sharing in the rewards...
...Larger Sense. Devaluation may enable Britain to boost its exports (notably autos, appliances and aircraft) enough to erase a quarter of its trade deficit, but it will hit the pocketbook of every Briton. Grocers warned that food prices will rise at least 5%, starting with imported fruit, meat and vegetables. The cost of living normally jumps when food-importing Britain devalues. This time the price increases seem likely to touch off a new round of wage demands that Prime Minister Wilson, no longer armed with pay-freeze powers, will have trouble restraining. Promising that his complex web of economic restrictions...
...workers, for their part, find gambling irresistible. For a chance at a prize list worth a mere $200,000, Hungarians last year bought 326 million lottery tickets at an average 20? a ticket. Last week winners of the Czech Artists Trade Union lottery got free trips to the Hermitage in Leningrad and the Louvre in Paris. One Yugoslav physical culture group's lottery is offering hard-to-get Peugeots and trips to the Winter Olympics in Grenoble, France, plus U.S.-made exercise equipment as consolation prizes. And homeward-bound Yugoslav workers stop by sidewalk Daj-Dam ("You give...