Word: wage
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Dates: during 1960-1969
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Wassily W. Leontief, Henry Lee Professor of Economics, was less optimistic. "The British devaluation puts the dollar on the firing line," he said. "The new economics, so called, has not been able to prevent a steady increase in price wage inflationary pressure...
...that the outlook for 1968's balance of payments looked even worse than had been expected, and in fact suggested that there would be no improvement at all over the current year. In July, Callaghan had said publicly: "Those who advocate devaluation are calling for a reduction in wage standards of every member of the working class in this country." Now, he told Wilson, he had concluded that Britain would have to devalue, that "there's a point at which determination becomes obstinacy"-and that he had now passed that point. Exports were hardly rising, he told...
...alone is not enough. Chancellor Callaghan indicated that the government would couple it with enough muscle at home to ensure a turnabout into the black in the balance of payments of "$1.2 billion a year." The giant Trades Union Congress was due to meet this week to discuss voluntary wage restraints, essential to ensure that a new round of wage and price in creases does not quickly nullify the gains of the devaluation. But the feeling abroad was that Wilson had devalued as a purely domestic political move, being unwilling to suffer the political consequences of imposing the strict economic...
...industry-an oil refinery 25 miles from Aden. Even in the unlikely event that the British departure brings peace, it will throw at least 25% of the labor force out of work. And the new government will have to tackle the potentially disastrous job of changing a British-oriented wage structure that is inflated far beyond the country's means...
...until late last year, the vast and verdant San Joaquin Valley was the scene of a farm workers' strike that, in its stark simplicity, seemed to re-trample Steinbeck's Grapes of Wrath. At issue were no such modern matters as automation and a guaranteed annual wage but merely the right of California's 500,000 fieldworkers, predominantly Mexican-Americans, to unionize...