Word: tradings
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Dates: during 1940-1949
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...Czechs would be at Geneva, but they were lukewarm about freer trade. Zdenek Augenthaler, Prague's representative, wanted lower tariffs on the goods the Czechs will spare for the West. But Augenthaler was even more interested in seeing that the new I.T.O. did not discriminate against state trading monopolies...
Eastern Subtraction. The Russians had made their choice. With their own ideas of economic predestination, they would not even be present in John Calvin's grey old city. The postwar deals that Soviet trade chief Anastas Mikoyan has been arranging made it clear that Russian trade would be based on the Kremlin's notions of military security and political expediency-not on old-fashioned consumer demand...
Certainly the British, led at Geneva by Sir Stafford Cripps, have distinct reservations about freer trade. Once Britain grew one-third of her food, imported the rest. Now, says the Government, Britain must grow two-thirds, because (in the view of the planners Britons elected) the nation must buy less abroad if it is to stabilize its economy. Grain raised at home costs more, but the supply is more "secure...
...take cotton. To control imports and foreign exchange-and eliminate old-fashioned risk-the British planners have shut down, presumably forever, the great Liverpool Cotton Exchange, where for decades British buyers and world sellers took the risks and losses and profits of the cotton trade. A British Government commission now does Britain's cotton buying. Britain's spinners now pay more for their cotton than spinners elsewhere with access to free markets, but British planners argue that, if they relax their trade tourniquets too much, the economy may bleed to death...
Socialism and security are not the only factors working against freer trade. Chemistry ("the science of substitutes") and the export of machinery make it possible for many a once backward nation to dream of self-sufficiency. This technological tendency has been encouraged by the wartime and postwar shortage of transportation. The danger is that in the last two years wartime necessity may have hardened into peacetime policy, and that not even U.S. tariff concessions will be able to unfreeze worldwide restrictions. An expert from one of the "middle powers" at Geneva had this to say, privately, last week...