Word: westernization
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Dates: during 1950-1959
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...1950s, Western Europe and Japan, their economies rebuilt with U.S. help, were briskly competing with the U.S. in foreign markets, even in the U.S. home market. By last year the U.S.'s international transactions were drastically out of balance: the U.S. ran $3.4 billion in the red in its overall international payments. Gold flowed overseas so briskly that the U.S. gold reserve shrank by $2.3 billion, a thumping...
...remind Western Europe and Japan that the Marshall Plan days were long since over, Anderson last month took the dust-stirring step of announcing that henceforth dollars lent to underdeveloped countries by the U.S.'s own Development Loan Fund (outgo: about $550 million a year) must be spent in the U.S. Protests rang out that Anderson was dragging the U.S. backward with a protectionist "Buy American" program (TIME, Nov. 9). But Anderson's essential purpose was to force Western Europe and Japan into providing loans to finance their own exports to underdeveloped countries. He would be happy...
...home and his policies abroad are interdependent, just as the U.S. and the rest of the free world are interdependent. By fighting for sound money at home, he can encourage freer world trade by keeping the world's reserve currency, the U.S. dollar, dependably stable. By persuading Western Europe to assume a fair share of the foreign-aid burden, he can help to slow the outflow of U.S. gold reserves and thus help to keep the dollar sound...
More was involved than a mere jockeying over dates. The delay also reflected a dispute over what kind of summit there should be, and continuing disagreement over Western policy, as De Gaulle made clear in a remarkable press conference (see below...
...Suspicious Ones. The Western alliance was not splitting apart by any means, but it was riding off in all directions last week. Some found this a cause for handwringing. Others saw it as the result of natural rivalries once the crisis pressure for an immediate summit...