Word: backwardation
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...Galloping Backward." Indignantly, the Democratic Party took up the challenge. With a pearl-grey fedora planted symmetrically on his grey-fringed head 71-year-old Herbert Lehman, Dulles' opponent, stumped the state. A Wall Streeter himself* for ten years (1933-43), an able governor of New York, Candidate Lehman went down the line for the Fair Deal, with occasional speechwriting assists from old Roosevelt Speechwriter Judge Sam Rosenman...
After thinking over President Truman's Point Four program for backward nations, New York Stock Exchange President Emil Schram spotted a big flaw in the idea. Point Four would wrap a protective government guarantee around private funds invested outside the U.S. What irked Schram was that there was no program for improving "the shabby treatment of capital at home...
Soap & DDT. By U.S. standards, Persia is an incredibly backward nation. Its population of 17,750,000 is riddled with disease (an estimated 5,000,000 cases of malaria annually and at least 7,000 cases of leprosy). Its infant death rate is estimated at more than 50 per 1,000 live births. Its schools are few and poor. Of some 125 million acres of potentially arable land, only one-tenth is farmed and that with primitive tools...
...years in the presidency, Harry S. Truman, onetime Field Artillery captain, had twice reviewed units of both the Navy and the Air Force. But the Army, he jokingly concluded, remained "rather timid, and remembering that I was a battery commander, has always felt a little backward about asking me to look at a review ..." Finally he picked up his telephone and told Secretary of the Army Gordon Gray that he wanted to watch the ground forces do their stuff...
...committee was impressed when Secretary of Agriculture Charles Brannan marched in with an armful of facts & figures on how well a program of industrialization with U.S. techniques and capital had been working in Latin America. Brannan brushed away the possibility that industrialization of backward nations would only build up competition for U.S. goods. "Only the developed areas," said he, "are good customers. [Developed] countries making up only 11% of the world's population are providing us with more than half of our market...