Word: backwardation
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Four Steps Backward. Taken in larger context, the Soviet groveling at Belgrade was all the more interesting. It represented the fourth recent major reversal of an important Russian position. Within a fortnight, the Soviet Union has 1) signed an Austrian peace treaty that was less favorable to it than a treaty it had been rejecting for years, 2) announced a new disarmament plan that, while still unsatisfactory to the U.S., offered more concessions than ever before, and 3) agreed to Big Four talks "at the summit" under conditions that the Communists had previously denounced. For months, Soviet leaders had said...
...Looking Backward. Last week Minister Berthoin not only proposed that the secondary schools completely revamp their programs to take care of all French school children up to the age of 16, he also suggested that all current examinations, including the bachot, be abolished. With that, the Paris press erupted. Former Education Minister André Marie declared that despite its "injustices," the bachot should stay. Onetime Boxing Champion Georges Carpentier bluntly announced: "I am against the baccalauréat." Actor Jean-Louis Barrault said, "I adore it," but Actor Sacha Guitry, who spent six terms in one form, snorted: "Tellme, what...
...like a nightclub," cracked Don Juan Palacios, the improbable count in Ludwig Bemelmans' 1941 travel book about Ecuador, The Donkey Inside. If the count (or Bemelmans) were to visit Ecuador this week, he might have to eat those cynical words. One of South America's backward nations has been undergoing a healthy change. Since 1950, Ecuador...
Good prices for Ecuador's exports, government encouragement for farmers and investors, more than $15 million in U.S. aid and a stable currency have all helped to let backward Ecuador share belatedly in the fast economic development that other parts of South America have enjoyed since World War II. But back of all these factors is a democratic climate and relative political peace. Minor plots still pop up occasionally and are duly put down, but between them the administrations of Velasco Ibarra and his predecessor, Galo Plaza Lasso, add up to the longest period free of successful Thursday-afternoon...
Blemishes & Cures. No one, least of all thoughtful Italians, argues that Italy has solved all its economic problems. There are still an estimated 2,000,000 unemployed in a work force of 20 million. Agriculture is still largely backward, and industry suffers from lack of capital and from a feudal fiscal system, in which varying and discriminatory interest rates make it difficult for small businessmen to operate. The textile industry, which has seen many of its markets disappear behind the Iron Curtain, is in bad shape, last year slumped to 117 on the national production index (1938 = 100), compared...