Word: traders
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Dates: during 1950-1959
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Shambling through downtown streets like a man in plowed ground, leathery little Walter Prescott Webb looks every bit his part: a shrewd real estate trader in Austin. Texas. But Walter Webb, raised in the alkali flats of West Texas, schooled in the saddle, and for 40 years a professor at the University of Texas, is also his generation's foremost philosopher of the frontier, and the leading historian (The Great Plains, The Texas Rangers) of the American West. At 71, he has been made the hero of a sort of plainsman's festival of letters-a collection...
...Free Trader. In Toledo, a seven-year-old boy got a stern lecture in court after he took a $100 bill from his home and sold it to a stranger for a quarter...
From the ricksha-cluttered commercial district of Shanghai to the waterfront of Tientsin, hardly a Western businessman could be found last week in all of Red China. The traders who came and went with revolving-door regularity only a few months ago, crying the benefits of trade with the Chinese Communists, have returned disillusioned to Germany, Italy, Great Britain, France, Canada. What soured them on doing business behind the Bamboo Curtain was no political change of heart, but the best reason a businessman can have: unbusinesslike methods of doing business, developed by the Chinese into an exasperating art. Snapped...
...enough business, but the Red Chinese further infuriated Western businessmen with high-handed, independent business practices. Businessmen ordering goods were forced to undergo long,, pompous lectures on Marxism. Prices and offers changed from day to day at Peking's whim, and officials often tried to play one trader off against another. A British businessman who went to Canton to buy 500 tons of vegetable oil was told it was not available. Then he was awakened at 4 a.m., told that Peking had decided to give him the oil. The next day Chinese authorities sold half the shipment...
...stressed, but 'good' and 'economical' are ignored" in Chinese industry, even suggested that "individually run enterprises" might be set up side-by-side with state enterprises. To woo back disillusioned businessmen, the Red Bank of China has taken the unprecedented step of accepting claims by traders seeking damages for substandard exports. So far, the Bank has seen fit to rule in the trader's favor only a few times...