Word: protectionists
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Dates: during 1950-1959
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...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 to see Britain and West Germany set up their own development loan funds with "Buy British...
Anderson got strong backing from Per Jacobsson, managing director of the International Monetary Fund, who charged that dollar restrictions are now being used as "protectionist devices" to keep down foreign competition. To Anderson's great satisfaction, Jacobsson virtually signed the death warrant for dollar discrimination by promising that the fund would act on a tougher policy "in the very near future," thus launching a major new step for a freer world trade...
Last week Japanese electronics leaders were sharply divided over how hard to push exports of finished consumer products. Ibuka, whose radio exports rose from 32,000 sets in January to 55,000 in March, intends to keep on exporting under his own label. To avoid arousing a protectionist outcry in the U.S., many Japanese manufacturers think a better way to keep on growing is to sell components to U.S. companies to assemble, thus dividing up the work and the profit...
...from Canada, which is highly unlikely to be cut off by war. If the U.S. needs a big hoard, they argued, it should import more rather than less, keep its own oil for emergencies. They called the mandatory order, which will boost the price of oil, simply a protectionist victory for the hard-lobbying Texas independent oilmen. What worried free traders everywhere was whether the quotas would open the door to new protectionism for other industries, under the guise of "national security...
After killing Britain's proposed Western European Free Trade Area (TIME, Dec. 1), the French had agreed to extend to outside nations the same 10% tariff cuts and 20% import quota increases promised to the members of the Common Market. This was as far as the protectionist-minded French intended to go. They would not grant to outsiders the Common Market provision to raise import quotas in each category to at least 3% of a nation's home production (which would allow a lot more German Volkswagens than British Hillman Minxes into France). To the British charge...