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BRITAIN, the industrial world's perennial postwar invalid, continues to languish. Output this year will be a bit below that of 1974, and Common Market experts predict zero growth next year as well. Meanwhile, exports are sluggish and living standards are dropping. Unemployment has passed the politically sensitive level of a million workers and could hit 1.5 million this winter. Prime Minister Wilson's Labor Government can do little to stimulate the economy because inflation, despite price controls, is already roaring along at an annual rate of 27.9%, highest in any major nation...
Macrae is also angry about American industry. The growth of U.S. output per man-hour in manufacturing in the past 25 years has fallen behind that of other industrial nations because of a slowdown of U.S. investment in new technology. American businessmen, like those in Britain, have succumbed to the rule of corporate bureaucrats. The spirit of entrepreneurship is broken...
...South Africa is Mozambique's largest trading partner, providing 20 per cent of Mozambique's imports, and the 86,000 Mozambique laborers who work in the South African mines send home nearly $2.4 billion a year in wages--equal to a quarter the value of Mozambique's entire manufacturing output. It will be difficult, if not impossible, for the newly independent country, which inherited a trade deficit of over $165 million from the colonial regime, to give up this source of foreign currency...
...Real gross national product, the nation's total output of goods and services minus the effects of price increases, rose in the third quarter at a seasonally adjusted annual rate of 11.2% -or more than even the most optimistic economists had been predicting. During the April-June quarter, G.N.P. inched upward at a modest rate of 1.9%, following five consecutive and worsening quarterly declines. Main reason for the third-quarter spurt: the depressing effect of inventory cutting on production lessened greatly. Businessmen reduced inventories during the period at an annual rate of only $9.5 billion, v. $31 billion during...
This time, at least, the award appears to be less for political balance than for literary merit. Although Montale's output is meager-five volumes in 50 years-he is greatly valued by connoisseurs. Stephen Spender considers him Italy's greatest living poet, and the academy cited Montale's pessimistic but "indelible feeling for the value of life and the dignity of mankind." Part of this admiration undoubtedly stems from Montale's mastery of the doom-filled Eliotic metaphor ("All our life and all its labors spent/ Are like a man upon a journey sent/ Along...