Word: wages
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Dates: during 1970-1979
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...Somalis, by contrast, lack the arms to wage a prolonged desert war. Despite some limited help from the Arabs, they may soon run low on fuel, spare parts and ammunition. Earlier this year, the U.S.-an ally of Ethiopia's during the late Emperor Haile Selassie's day-had thought of improving its ties with Somalia by sending some military aid. But after the Somali drive on the Ogaden began in July, Washington decided that it had better stay out of this murky conflict. The Somalis accuse the U.S. of breaking its word-although, in fact, no firm...
...also to each other; Europeans complain about the Japanese invading their home markets. U.S. steel companies have a special problem: many of their mills are old and inefficient by European and Japanese standards, and they are burdened by high labor costs as a result of generous wage boosts granted to workers. One result: third-quarter profit reports of American steel mills, to be released next month, are expected to be among the worst in the history of the once proud industry...
Whether an OMA would really help the steel industry is open to question. In a study sent to President Carter last week, the Council on Wage and Price Stability contended that restricting imports would not solve the industry's biggest problem: high costs brought on by a failure to modernize and by generous wage boosts. That problem illustrates one of the traditional arguments against protectionism: it saves industries only from the consequences of their own inefficiency. Another strong argument is that protectionism fans inflation by denying some consumers the chance to choose inexpensive imports instead of high-priced domestic...
...alternative, the union demanded that along with an improved wage and benefits package, the companies strengthen a guaranteed annual wage clause that has been part of I.L.A. contracts since 1964. The clause provides that union members receive a minimum yearly salary whether or not there is work for them, and the I.L.A. agreed in return to put a freeze on additions to its union rolls. Locals in each port negotiate the size of the guarantee. The money comes from a tonnage charge levied by port employer associations on all cargo that crosses the docks. In the Port of New York...
...Gelbard, 60, wealthy Argentine aluminum and tire manufacturer who served as Economy Minister (May 1973 to October 1974) under President Juan Perón and his widow Isabel; of a heart attack; in Washington, B.C. To slow Argentina's 80%-a-year inflation, Gelbard decreed stringent wage and price controls. But his policies contributed to the country's near economic collapse, precipitating the 1976 coup that overthrew Isabel. Said Gelbard of Argentine business: "There are no rules. Those who are in power make up the rules. So those out of favor are bound to break them...