Word: traded
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Dates: during 1970-1979
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Between 1889 and 1970, the nation ran a trade deficit only once, in the midst of the Depression, in 1935. Yet since 1971, the combination of low productivity and high inflation has reduced both the supply and the competitiveness of U.S. products. Consequently, export growth has been sluggish, and foreign goods have poured into the U.S. at an ever increasing rate. Coupled with the nation's increasing dependence on foreign oil, this has meant that the U.S. has managed to eke out a trade surplus only twice since 1971, running up a cumulative deficit of $59 billion in those years...
...West Germany, Chancellor Helmut Schmidt's Social Democratic government, supported by powerful but reasonable trade unions, has largely held a noninterventionist course and ignored demands that the government cut taxes or raise spending every time a troubling economic forecast is issued. Result: West Germany's inflation rate is one-third as steep as the U.S.'s, its unemployment rate is only slightly over half as high, and the country's living standards are rising...
...efforts of the Federal Reserve and foreign central banks to prop the dollar's value by buying up billions on the international money exchanges. His preference: let the dollar float freely until it reaches its real market value. Dornbusch takes much the same hands-off attitude toward trade: the U.S. should not protect its industries from foreign competition, and, conversely, it should insist that its trading partners reciprocate. In a free global market, Americans would be forced to face up to the fact that either the nation controls its inflation or the dollar will continue its fall...
DIED. Bertil Ohlin, 80, Swedish politician and economist who shared, with England's James E. Meade, the 1977 Nobel Prize in Economics; in northern Sweden. At 25, the handsome, precocious Ohlin was a full professor at the University of Copenhagen and an expert in international trade. A practitioner as well as a theorist, Ohlin was Sweden's Trade Minister in a wartime coalition government (1944-45). Chief of the Liberal Party from 1944 to 1967, he waged a lifelong battle to check the growth of socialization in Sweden...
...before winning a long sought seat in the House of Commons in 1940. As Prime Minister he urged increased independence from the U.S., to be accomplished largely through the development of Canada's natural resources and the Arctic north. Though an unwavering antiCommunist, he detested McCarthyism and promoted trade with China and ties to Cuba. Criticized for running a one-man show, "Dief the Chief was eventually defeated by Liberal Lester Pearson, partly because he refused to arm Canada's NATO force with U.S. atomic weapons. Elected to Commons for a record 13th time last May, he appeared...