Word: yugoslavic
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...Dakota Queen, a B-24 Liberator heavy bomber based in Cerignola, Italy, he flew 35 missions over Nazi-occupied Eastern Europe, often through heavy antiaircraft fire. Once, with two of the four engines out, he nursed the plane to an emergency landing on a tiny airstrip on a Yugoslav island...
Yugoslavia's League of Communists and the nation's chief economist, explained to TIME Correspondent Strobe Talbott: "We believe that the state cannot replace private owners in the management of enterprises. Enterprises must manage themselves." They did efficiently enough in 1970 to lift "social product"-the Yugoslav term closest to gross national product-to $14 billion, a 6.7% rise after discounting inflation factors. Among European Communist countries, only Bulgaria and Albania had a lower total output, but none had such a rapid growth rate...
...industrial democracy has also brought the capitalistic combination of rampant inflation and a ballooning balance of payments deficit. By last August, Yugoslav consumer prices were 16% higher than a year earlier, and the balance of trade deficit soared 20%. In response, the government retreated toward central control of the economy. It held down wages, froze most prices, limited credit, restricted imports and devalued the dinar twice. The program held retail-price increases in the first quarter of 1972 to an acceptable 1.3%. In March, to bolster its trading ability, Yugoslavia obtained a $ 100 million stabilization loan from a trio...
...Yugoslav leaders feel able to start what might be called Phase II of their "Economic Action Program," designed to loosen controls and stimulate growth while holding inflation to 5%. In a few months, Finance Secretary Jan-ko Smole will supervise decentralized units of management, labor and government representatives that will set wage rates in each enterprise by a kind of collective bargaining within broad limits imposed by the state. The government is also trying to spur corporate expansion by increasing the proportion of foreign-currency earnings that companies may keep for reinvestment rather than handing over to the central bank...
...order to attract more capital, Yugoslavia now seems willing to open its economy wider to investment from other countries, including the U.S. Foreign investment in Yugoslavia has totaled only $62 million since 1967, mostly because the government has insisted that Yugoslav companies retain control of any joint project by owning at least 51 % of it. Two months ago, however, the government permitted the nation's largest copper and brass fabricator to form a fifty-fifty partnership with Bieler National Industries, a smallish U.S. marketing firm. Other equally owned ventures may be allowed in industries where Yugoslavia lacks...