Word: wages
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Dates: during 1970-1979
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...superior ability of such enterprises to secure credit. Where there is significant investment in productive facilities, it is rarely in those areas that would aid the underdeveloped country to develop autonomously; instead, capital is invested in labor-intensive industries through which the global corporation can exploit the low wage rate in the underdeveloped countries. Similarly, the technology they provide is that which no longer yields high profit rates in the developed countries, and hence cannot contribute to changing the dependent position of Third World economies. Consequently in the area most involved with global corporations during the 1960s, Latin America, income...
...only be available in return for a program of stringent cuts in government spending. Yet spending cuts would jeopardize the key element in the Labor government's strategy to pull Britain back from its economic abyss: an agreement by the leadership of the Trades Union Congress to hold wage increases to 4½% ($4.61 on an average worker's salary) beginning Aug. 1 (TIME, May 10). In return, Healey offered a significant income tax break for lower-income workers...
...Wage Restraint. The 11 million members of the T.U.C.'s constituent unions will vote next week to ratify or reject that agreement and, as Healey bluntly put it, more severe welfare cuts than he has already planned could "bust the relationship between the unions and the government." With minimal fanfare, in order to avoid upsetting the unions, the government has already put a tighter rein on municipal welfare spending, cut a scheduled pension raise by one-third, and indefinitely postponed a new child-benefit scheme. But Healey turned aside demands from the opposition Conservatives for more sweeping cutbacks with...
...holding the most impossible job in Washington. His chief title is Secretary of Labor, but he is also a Special Assistant to the President and the Ford Administration's top labor-management mediator. As such, he is supposed to make sure that neither long strikes nor inflationary wage settlements slow the nation's economic recovery-in a year when contracts covering no fewer than 4.5 million workers expire and rising corporate profits are emboldening unions to demand fat increases in order to catch up with past inflation...
...unions have a great understanding of the employers' difficulties and the employers of what is possible for the unions. It is a great tribute that people are apparently willing to accept a genuine cut in their standard of living for the second year in succession. But the recent wage settlement is only one part of it; we've won the battle, but we haven...