The centrally planned economies, dissatisfied with the outcome of their own efforts to achieve good economic growth performance, have changed strategy and decided to import high technology from the West. as well as necessary grains to supplement their domestic agicultural supplies. This new approach has opened their economies to Western inflation because imports have been reflecting rising world price. Gold and oil sales at correspondingly rising prices have been used by the Soviet Union to finance part of their import needs. but they are fully enmeshed in world inflation accounting in balancing rising export prices.
Lawrence KleinRelated topics
accounting approach balancing decided domestic export finance gold good grains growth high import inflation necessary needs oil outcome performance plan price reflecting rising strategy supplement technology union well west western world soviet salesRelated quotes
Acting on our own, by ourselves, we cannot establish justice throughout the world; we cannot insure its domestic tranquility, or provide for its common defense, or promote its general welfare, or secure the blessings of liberty to ourselves and our posterity. But joined with other free nations, we can do all this and more. We can assist the developing nations to throw off the yoke of poverty. We can balance our worldwide trade and payments at the highest possible level of growth. We can mount a deterrent powerful enough to deter any aggression. And ultimately we can help to achieve a world of law and free choice, banishing the world of war and coercion.
John F. Kennedy
Let there be no doubt that our present rate of inflation is the main cause of our economic difficulties. There never has been a more mistaken piece of economic analysis than the view that we should accept inflation to avoid unemployment. Inflation today, so far from being an alternative to unemployment, is its main cause. If our rate of cost increase is allowed to continue close to twice that of the average for the developed world it will increasingly price us out of world markets. Employers...will have to restrict their activities and still more their labour force in response to mounting and uncontainable wage and salary bills.
Roy Jenkins
Like it or not, one of the most spectacular events of our age is the comparative success of the Communist economic systems. ... Do you seriously imagine that there is no challenge from the Communist States on this level? And who do you think will win the contest if we stumble on as we are-the Communist States, which are not afraid of full production, or the Western States, which have still never achieved for any considerable period full production and full employment without inflation? Yes, who will win-the Communist States, who are turning out trained technicians at an unexampled pace, or the Western powers, who contentedly spend more on advertising than education?
Michael Foot
I have a definite feeling for the West, the vast horizontality of the land, for instance... I have always been very impressed with the plastic qualities of American Indian art. The Indians have the true painter's approach in their capacity to get hold of appropriate images, and in their understanding of what constitutes painterly subject-matter. Their colour is essentially Western, their vision has the basic universality of all real art. Some people find references to American Indian art and calligraphy in parts of my pictures. That wasn't intentional; probably [it] was the result of early memories and enthusiasm.
Jackson Pollock
Until the last great war, a general expectation of material improvement was an idea peculiar to Western man. Now war and its aftermath have made economic and social progress a political imperative in every quarter of the globe. If we ignore this, there will be no peace. There has been a widening of horizons to which in the West we have been perhaps too insensitive. Yet it is as important as the extension of our vision into outer space.
Today continuing poverty and distress are a deeper and more important cause of international tensions, of the conditions that can produce war, than previously.
Lester B. Pearson
