Word: ece
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...boom in Western Europe has lifted living standards all over the Continent, says ECE, but few Western nations have taken advantage of prosperity to step up their capital investments, and thereby boost production. Russia and her satellites, on the other hand, are investing about 25% of their national income in new factories, new machine tools, bigger inventories and more defense equipment. By ECE's rough comparison, Italy. Austria, The Netherlands and West Germany put only 10-15% of their income into expanding the economy. France spent only 8% of its income for new production, and at the bottom...
...Virtually all governments of Western Europe are committed, in principle, to the need for a high rate of investment," says ECE. But in trying to keep the boom from getting out of hand, many a government has resorted to high taxes, to price and currency controls that have actually restricted investment. All, says ECE, should attract more private investors into stock ownership, revise taxes and depreciation allowances to hike returns on risk capital...
Like good capitalists, the present Russian government knows that "economic growth must be continuous," says ECE. "It instructs planners to plan so as both to increase real wages now and to lay the foundations of potential future rises in real wages." Result: in the last five years Russia invested 740 billion rubles in industry, transport and agriculture (v. 765 billion rubles in the 20 years covered by the first four Five-Year Plans), thus boosted its industrial capacity about 10% yearly...
...Communists know it, and at last month's Geneva conference of the U.N. Economic Commission for Europe (ECE), they turned it to their own advantage. Red Rumania offered to buy generators and transformers-the very items that the U.S. had just refused, under the Buy American Act, to buy from a British firm which had placed the lowest bid for the Chief Joseph Dam contract in the State of Washington (TIME, April...