Word: cairncross
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Dates: during 1970-1979
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...industry. The sheer challenge might force Britain to break out of the debilitating cycle of low productivity, low investment and high wage demands that has led to the nation's mounting trade deficit (an estimated $6.2 billion for 1975). But as the Guardian's Economic Columnist Frances Cairncross has pointed out, "If you give a cold shower to a man with a weak heart, sometimes he dies." Complicating the argument is a recent report by the National Institute for Economic and Social Research, which says that the effect of EEC membership on Britain's trade deficit over...
...coincidence, while the money deal was being made at the Smithsonian Institution in Washington, another conference was held at the Brookings Institution, half a mile away. There a group of twelve top economists -including Britain's Sir Alec Cairncross, Japan's Saburo Okita, and the U.S.'s Richard Cooper and C. Fred Bergsten-drafted a plan for a world monetary system that would accomplish precisely the goal that the Group of Ten rich nations agree is necessary but have done little to achieve. Central to the proposal is the creation of more IMF-managed reserves to replace...