Word: importance
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Dates: during 1940-1949
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Actually the only magic nostrum was more production, which would help the world to help itself. Looking at the export-import gap, no trader could soundly think that this was going to be an easy job. In 1947, the U.S. had made a tiny down payment on the job of reviving world trade. It had agreed to cut tariffs. Tariff cutting was meaningless unless other nations were able to make the goods to sell the U.S. And 1947 had shown that the gap between what they received and what they shipped was too big to cross without a new kind...
...film such as To Live in Peace, the most recent Italian Import, is cloquent proof that straightforwardness and simple realism are far better dramatic ingredients than the usual artificiality and mock heroics that accompany war movies. Even the story is simple: it concerns a little mountain town almost untouched by the war which rages around it. Untouched, at least, until two escaped American prisoners looking for shelter, which is given them by a local farmer. Their hiding and subsequent discovery provide ample opportunity for both comedy and tragedy, as well as for straight drama...
...nation. The destiny that lay beyond Yorktown and Appomattox and Manila Bay, that lay mockingly behind a slogan ("Make the World Safe for Democracy") at Belleau Wood, took a new and decisive turn last year. It was in 1947 that the U.S. people, not quite realizing the full import of their act, perhaps not yet mature enough to accept all its responsibilities, took upon their shoulders the leadership of the world...
Repayment: Dollars would be supplied as outright grants or as loans (through funds supplied to the Export-Import Bank) according to each nation's ability to repay. One possible asset for the U.S.: a chance to get and stockpile such critical raw materials as tin, natural rubber, industrial diamonds, quinine, manganese, chromium, copper, lead, zinc...
Until the U.S. began to spend, Canada must struggle along with makeshift measures, notably import and foreign exchange restrictions. Last week, another makeshift was adopted. Prime Minister Mackenzie King told Parliament that a 91-day agreement had been reached with Britain on food contracts (TIME, Dec. 15). The stopgap deal wall expire on March 31-the day before ERP is expected to go into effect...