Word: offing
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Dates: during 1970-1970
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With increasing envy and bitterness, Polish citizens have noted the different situations in neighboring lands. Hungary, for example, has been making steady progress with a "New Economic Mechanism" that introduced capitalistic profit-and-loss into socialist planning. Gdansk, the former German city of Danzig, is only a short ferryboat ride...
Ultimate Cross. Gomulka's government has been moving-but slowly and ineffectively-to improve the economy. After lengthy discussions, the Central Committee approved a new Five-Year Plan for 1971-76 and a progressive approach that economists refer to as "the New Economic Strategy." It made sense in theory...
Last week came the ultimate cross. Warsaw announced a series of "price adjustments" designed to bring wages -which have been rising at 2% during 1970-and available goods into some kind of equilibrium. The cost of medicines and most industrial goods declined. The price tags on television sets went down...
The increases were necessary if even a modest economic revision were to work. But Warsaw's timing could not have been worse. Posted eleven days before Christmas in a staunchly Roman Catholic nation where the birth of Jesus is celebrated with gluttonous enthusiasm, the price rises were a direct...