Word: white-collar
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...smugglers were usually small-time dealers in such items as coffee and cigarettes. Today's smugglers are sophisticated businessmen who shun 50 lbs. of coffee in favor of 50 tons of steel, or deal in complex electronic calculators rather than cigarettes. Nowhere in Europe do these "white-collar smugglers" thrive more than in West Germany, where harassed customs officials figure that roughly $160 million worth of smuggled goods a year gets by them. Last year the cost to West Germany in uncollected duties was $15.5 million...
...majority of profit-sharing plans are still in smaller companies and involve mostly white-collar workers. But some big companies pioneered in the field, and others are interested. Procter & Gamble, whose plan was started in 1887 and is now the nation's oldest, invests all its profit-sharing funds in P.&G. stock, last year paid out $17 million. Sears, Roebuck invests from 5% to 10% of profits in its plan, which is now worth $1.7 billion; Sears employees who retired last year drew an average of $64,496 each. Such large firms as Eastman Kodak...
Nicolin sold off unprofitable operations, reorganized divisions along product lines, reduced costly inventories and held back on hirings in order to reduce the white-collar staff by 8.2%. Result: the parent company's profits nearly doubled in two years. While accomplishing this, Nicolin was also lent out temporarily by the Wallenbergs to become president of the sick Scandinavian Airlines System. Using the same management techniques that were working at ASEA, he almost immediately cut SAS's losses of $193,000 a day. After nine months at SAS, he returned to ASEA, leaving behind an airline so revitalized that...
...moribund economies, vast numbers of unemployed, strong and hostile labor unions. In Dahomey (pop. 2,200,000), the situation is aggravated by the fact that it once supplied civil servants for many other French colonies and boasted that "brains are our biggest export"; now it has an increasingly serious white-collar unemployment problem, for newly independent West African nations train their own government officials. The Dahomey rioters also denounced President Maga's "squander-mania," notably the magnificent palace he built himself...
Another economic area that needs Erhard's attention is the nation's social services. Hardly anywhere in the Western world is the worker and the lowerincome white-collar employee so pampered as in West Germany. Erhard would like to reduce the benefits, which dangerously increase the cost of labor. But his party's left wing is so strongly in favor of the elaborate structure built by Konrad Adenauer that Erhard probably has no chance to use his knife in this field...