Word: backwardation
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Whether in informal lobby conversations, in round-table talks, or at conference sessions, business and government leaders discussed the opportunities, fears and responsibilities of free enterprise in advancing backward economies. By the very fact of their meeting they gave dynamic new impetus to capitalism and proved that the areas of agreement between the businessmen of the highly industrialized and the underdeveloped nations of the world are far greater than the more publicized disagreements. By the time they headed back across the world, they had generated new enthusiasm for the task of raising living standards everywhere, a task that often...
BUSINESSMEN in the U.S. are traditionally leery of government interference in the economy. Nations that have shed colonial rule tend to be equally suspicious of capitalism. Thus, a prime problem of the San Francisco conference was: Where should governments leave off and private enterprise take over in developing backward economies...
...from poverty until its government has developed the basic facilities of an industrial economy: roads, harbors, railways, communications, schools, reservoirs, power plants. In fact, since private capital is seldom available for such projects, the government must foot the bill. Yet, when these industrial foundations have been laid, the backward nations with sound plans to develop their industries can then mobilize foreign and domestic investment and eventually achieve a free enterprise economy...
Cuaderno himself is firmly convinced that free enterprise would bring backward countries more benefits than state-controlled economic systems. "Why, then, it may be asked, should the freedom-loving people of some underdeveloped countries entertain any misgivings about the capitalist or free-enterprise system?" The chief reason, said Cuaderno, is that they remember the years of foreign domination under the colonial system. Actually, said Cuaderno, the underdeveloped countries are not anti-capitalist at all; they are just nationalistic−and understandably so. They want to be the bosses of their own industries. They prefer loans from foreign governments to foreign...
...they launched it themselves." But nowhere was the beeper's impact so ominous as in the neutral nations of Afro-Asia, where hundreds of millions of uncommitted minds waver between East and West. Its message, said the London Economist last week, was a simple one: "We Russians, a backward people ourselves less than a lifetime ago, can now do even more spectacular things than the rich and pompous West-thanks to Communism." Nothing could have struck more dramatically at the U.S.'s proud claim of technological and productive superiority for a free economic society. "I always thought America...