Word: trading
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Dates: during 1970-1979
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Last week in New York, Connally turned his expansive approach to foreign trade. Government and business must be more aggressive, he said, and must send a new breed of technological "Yankee traders" to exploit rich Asian markets. Most notably, like Democratic Presidential Aspirant Jerry Brown, Connally advocated a North American common market. "This economic union would be a formidable trading bloc," he said. Here too there are problems. Mexico has already denounced the idea as little more than latter-day Yankee imperialism designed to capture Mexican oil. It is also, according to one prominent businessman, ''hideously complex...
...Eurocurrency market has been one of the most important financial innovations of the postwar era. By opening a vast new source of investment capital, it has furthered international trade and development. But the $1 trillion credit reserve floating free from national or international restrictions also breeds currency instability and inflation. Moneymen figure that they must now correct the problems the Eurocurrency market has created without, in the process, destroying this useful credit system-but nobody is yet sure just how to do that...
...boardroom was part of a trade in which the U.A.W. chiefs let Chrysler off with an easier three-year wage pact than those recently signed with General Motors and Ford. The company will save about $200 million by deferring payments into its pension plan next year and a further $203 million over the next two years by delaying some wage raises and benefit improvements. By the end of the three years, however, Chrysler workers will be earning the same as GM and Ford employees, and the industry's hourly labor costs-wages, fringe benefits and pensions-will have jumped...
...investigation by the Securities and Exchange Commission. Kucinich alleges that Park illegally spent bond revenue on general operations while the banks looked the other way and handed out money to cover the growing deficit. Park won their cooperation with business-oriented policies, including major tax cuts establishing a "free trade zone" for banks and large businesses. To keep the city afloat on a declining tax base, Perk sold such municipal assets as the transit system, the sewer system, the stadium...
...economy is suffering from rising unemployment, American workers might be tempted to vote for the politicians who promise to safeguard their jobs in the short-run by restricting imports. But over the long haul, such a policy will only hurt these workers as consumers. And worse, scrapping free trade ultimately will erode the long-term welfare of the American worker, which protectionist politicians claim so vigorously to protect...