DOCSLIB.ORG

Turkey's Economy Collapses: IMF Demands Blood

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Turkey's Economy Collapses: IMF Demands Blood Click here for Full Issue of EIR Volume 4, Number 19, May 10, 1977 MIDDLE EAST ECONOMIC SURVEY Turkey ' s Economy Collapses:' IMF Demands Blood cooperate... We in the banking community are very TURKEY worried about Turkey." Until the present, import cut­ backs have largely been confined to consumer goods. Now, substantial cutbacks are being demanded in capital Turkish Finance Minister Yilmaz Ergenekon arrived goods imports, seriously jeopardizing Turkey's am­ last week in Washington to receive dictates from the bitious industrialization program and expectations for a World Bank and the International Monetary Fund (lMF) continued high level of overall national growth. on the austerity measures that the Turkish government Ergenekon's arrival in the U.S. coincides with the most must implement to resolve what the World Bank calls serious economic crisis Turkey has faced since 1970, Turkey's "chronic and chaotic indebtedness." According when the IMF pushed through a 66 percent devaluation of to an official at Chase Manhattan Bank, the IMF has the Turkish lira. Production ground to a halt during that prepared a comprehensive austerity package for the period (see Table 1) and has remained depressed since Turks. The crux of the package is a 75 percent then, never fully recovering. Less than one year later, devaluation of the Turkish li�a and a complete halt to all the Turkish military took over to enforce the IMF's harsh Imports. measures. In commenting on the 75 percent devaluation, another The current situation is equally critical. According to New York banker affirmed, "Of course 75 percent. It has the Turkish daily Cumhuriyet, "the collapse of the to be smashing to be effective ... And they must cut all economy is inevitable." Last week, reserves plunged to imports. If they don't, we will force them' to an all-time low of $490 million. With $147 million of that Table 1 Industrjal Production In Turkey (LOOO TONS ) CUMULA- TIVE 1965 1968 1971) 1971 1972 1973 1974 1975 1976 I�'�?7�%) PUBLIC AND PRIVATE SECTOR I PIG IRON 500 910 L034 879 L135 896 L200 L197 L383* + 27.2 STEEL INGOTS 581 L109 L312 1,118 L,4£12 L163 L458 L450 L330* + 0.2 ROLLED PRODUCTS 268 75/� 996 958 1,111 975 898 828 810* + 9.2 SEtH -F I NI SHED ROLLED PRODUCTS L232 L539 4�7 592 555 LI05* +120.0 CEMENT 3,240 4.728 6,372 7,553 8,L!25 8,948 8,931 10,850 11,674* + 13.7 COMMERCIAL FERTILIZERS 376 442 679 835 L435 L211) L462 2,685 2,651* + 6.7 COKE L138 1.£128 1,536 L4LI(1 L£152 1.428 1.398 L202 L541** + 32.0 SUGAR 522 650 517 f42 79/4 723 758 806 801* + 23.5 PETROLEUM PRODUCTS 4,2% 6,154 7,039 8,5QO 10,230 12,532 12,686 12,346 12,064* + 6.9 SOURCE: TURKIYE Is Bl�NKASI *JAN.-rloV. **JAN.-OCT. MIDDLE EAST ECONOMIC SURVEY 1 © 1977 EIR News Service Inc. All Rights Reserved. Reproduction in whole or in part without permission strictly prohibited. ' amount in gold, and $150 million mere letters of credit, Bank's strong-arm t�ctics. Another meeting slated for the remaining $192 million in liquidity is not even enough several weeks later never catoe off due to "internal for two weeks worth of imports. The trade deficit was problems in the Turkish government." Sources close to more than $3 billion last year and is rising rapidly. In the the Turkish government revealed that the "internal first quarter of 1977, the deficit was close to $1 billion, a 96 problems" were Ankara's refusal to cooperate with the percent jump over the same period last year. Imports Bank. In retaliation, the World Bank has cut off funding are up 12 percent for the first quarter over the first for all projects in Turkey, as have the New York banks, quarter last year; export earnings are down 38 percent. and is linking the resumption of credits to Turkish con­ Remittances from Turkish workers in Europe - once cessions on Cyprus, just as Carter has linked the ' Turkey s largest source of f oreign currency - dropped resumption of military aid to Turkish concessions on by more than 30 percent in 1976 over 1975. Exacerbating Cyprus. One of the projects cut is the Afsin-Elbistan the situation are $2 billion in short term debt obligations dam, a cornerstone of the Turkish government's resulting from "quick cash" convertible lira deposits development plans for eastern Turkey. extended to the Turks over the past two years and now With elections scheduled for June 5, numerous banking falling due. sources have admitted that it would be "political suicide" for Prime Minister Suleyman Demirel to' go IMF Blackmail along with the World Bank. To buy off the Turks, the For months the Turkish government has resisted World Bank reportedly told Ergenekon that until the carrying out the IMF's austerity recommendations. elections it will deal with Turkey on "a day-to-day basis" Earlier this year, a World Bank delegation visiting on the condition that Turkey abandon its pro-growth Turkey was summarily snubbed by Ergenekon, who had industrial policies and implement austerity once the his representatives attending a meeting with the World elections are over. Bank officials walk out of the talks in protest of the World According to one New York banking source, --------------------------- Table 2 ------------------------�--� Achievements Of The Turkish Development Plans (IN PERCENTS) 1963-67 �COND 1968-72 PLAN 1973-77 FIRST PLAN PLAN THIRD TARGET ACTUAL TARGET ACTUAL TARGET ACTUAL FIXED INVESTMENT I U E . .... .. i����i� , .. .. ••. !�: .�... .• . •.. •···,,:�i.:!.,.,.·. ::,:':!':,·:;J::::;;::,, : � ........... '.�,�1=:�:;:':�;;:::��t:::'·:3;;::: 13.7 15.7 16.1 16.7 14,5 TRANSPORT 20.3 22.3 17,9 20.3 15.7 HOUSING 9.4 8,1 �.5 6.2 6.4 SOCIAL SECTOR 8.0 7.9 8,2 7.5 6.3 OTHER SERVICES 100.0 100.0 100.0 100.0 100.0 TOTAL r SECTORAL GROI'ITH RATE f::�:� .. I::•.• .• .. .... .. 4 . 2 3 . 7 III � .S�hT�.R ":;::""::"::::, ,,.,:,::: .,,::::, ,, , :,,, :".,:":" ,:, ::, ,,::::,: ,, : • : .. :: . ......... .. : : � , , : , : ,:. ...:::.:. •••••••••••••••••••••:::: •••• �t ••• :• ••••: •••• •••• •••• •••••••••• . : . :: ::::: ·· �.: .t: . ;, ,� : :r{i •• . • . : : : : . L�RYS,TR,y' ·.. •.• . •.• : .:::. : .: •: ·:.:. :: t : . :.:.:.:.:.:.: • • ••• •••• •• ••• •••• •••• :• •• .... ..... I?.}. •• •. ::::E:�:9..:.·;.::::::::::::::::::::.:. 9,.:;.:�:::::::: : :: : : H t •• • ••••: • • • ••• ••• ••• ••••• • •• • ::: . 10.7 :><>iQ:.:W.::.::.·8 Jl · ·�· 5.0 11.9 CONSTRUCTION . :,.::'1 7.2 : : ::: 10.5 7.8 7.2 8.8 8,2 TRANSPCRTA TI ON I 3.5 5.9 6.8 5,0 fiOUSING - 6.2 7.5 6.3 7.7 7.1 SERVICES 6.9 6.5 6.8 6.Fi 7,5 GDP FACTOR COST �: FIVE YEAR PLAN REPORTS 2 MIDDLE EAST ECONOMIC SURVEY ,....------------ Table 3 -------------, Turkey: Production Growth And Expenditure Of GNP ( PERCENTAGE CHANGE FROM PREVIOUS YEAR ) 1966 1969 1970 1971 1972 1973 197LI 1975 1976 OUTPUT INDUSTRY 10.6 9.4 2.2 10.2 U.5 12.8 9.1 8.5 AGRICULTURE U.4 -0.1 1.4 13.1 -0.2 -10,3 10.3 8.9 CONSTRUCTION 12.8 8.8 5.3 -,� .5 7.2 9.9 7.7 8.7 EXPENDITURE OF GN P PUBLIC GROSS FIXED INVESTMENT 19.7 9.1 3.4 -R.6 9.2 10.0 17.2 25.9 �3.7 PRIVATE GROSS FIXED INVESTMENT 22.2 13. 7 8.7 0.9 11.8 11.7 14.2 9.7 27.4 SOURCE: DEeD Ergenekon, as well as a delegation of Turkey's top targetted in the plans. (See Table 2) The current Third businessmen and industrialists\visiting the U.S. at the Five Year Plan calls for 45.4 percent of all fixed _in- _./ same time, were enraged by the linkage of aid to Cyprus vestment to be channeled into industry. While the first and the demands that Turkey destroy its industry to pay two plans emphasized the private_sector at the expense off the New York banks. However, it remains to be seen of the public sector, the-Third Plan, as well as the Fourth whether or riot the Turks succumb to the World Bank Five Year Plan (l978�82) which will be announced later blackmail. Despite Demirel's willingness since he was this year, focuses explicitly on the need for the rapid initially installed in power more than 10 years ago to expansion of state sector industries. Contrary to the carry out World Bank:}:MF policy, it is ultimately a IMF's insistence that emphasis be placed on light, state political question whether the Turkish government - sector manufactures and traditional, labor intensive either under Demirel or opposition leader Bulent Ecevit agriculture, the Third Plan calls for the establishment of ' - can rally the but-eaucracy and population to accept a intermediate and investment goods industries and the drastic curtailment in industrial growth, a founding application of advanced technology. The plan's major principle of the modern Turkish Republic. investment projects - all in the state sector - number approximately 200 and involve the expansion of the steel The Five Year Plans complexes in Iskenderun and Eregli; a second The core of Turkey's development strategy is rapid petrochemicals complex; a new oil refinery and state sector industrialization. Since the 1950s, despite chemical complex in Tarsus; the expansion of nitrogen recurrent attempts by Atlanticist forces either to divert fertilizers and aluminium production; and an expansion Turkey's pro-development orientation away from in­ of the automobile industry, which is now limited to dustrialization toward traditional, un mechanized assembly, to include the production of gears and tran­ agriculture or to dilute it by emphasizing the need for smissions. labor intensive rather than capital intensive industry, In addition, three important new projects have been Turkey has insisted on developing a diversified heavy launched.
Load more

Recommended publications
  • Inside Africa
    INSIDE AFRICA 17 February 2017 Now is the time to invest in Africa BRIEFS Africa • G20 foreign ministers to tackle fight against poverty in Africa • West African CFA franc zone to see strong growth, increased CONTENTS risks: IMF • Ecobank CEO wants 100 mln customers by 2020 In-Depth: Angola - Africa can become a global economic powerhouse. This is • Angola's economy contracted 4.3 percent in Q3, 2016 - stats how .......................................................................................... 2 agency • - Making Renewable Energy More Accessible in Sub-Saharan Angola inflation slows to 40.4 percent year/year in January • Non-resident investors will be able to invest in Angola Stock Africa ................................................................................. 3 Exchange • IMF, WORLD BANK& AFDB ................................................... 5 Eni starts production of East Pole field in Angola - state oil firm • INVESTMENTS ........................................................................... 8 Angola’s Endiama negotiates financing for another diamond project BANKING Egypt • Banks ....................................................................................................... 10 Italy's Eni to start production in Egypt by end of year Ivory Coast Markets 11 .................................................................................................... • Ivory Coast consumer inflation rises to 1.1 pct yr/yr in January ENERGY ....................................................................................
    [Show full text]
  • The World Bank
    Document of The World Bank FOR OFFICIAL USE ONLY Ca- ZC~ / 3 7 Public Disclosure Authorized Report No. 7630-BO STAFF APPRAISALREPORT Public Disclosure Authorized REPUBLICOF BOLIVIA MINING SECTORREHABILITATION PROJECT APRIL 17, 1989 Public Disclosure Authorized Industry,Trade and FinanceOperations Division Country DepartmentIII Public Disclosure Authorized Latin America and the CaribbeanRegion This document hasa resticted dsibuto0vand may be used by oenpienlsoly In the perdonnanoe of their official duties. Its contents may - A otherwise be disclosed wt World Bank authorizatin CURRENCYEQUIVALENTS Currency Name - Boliviano US$1.00 - Bolivianos 2.47 Bolivianos 1.00 - US$0.405 FISCAL YEAR January 1 to December 31 WEIGHTS AND MEASURES 1 meter (m) G 3.281 feet (ft) 1 kilometer (km) = 0.622 miles (mi) 1 kilogram (kg) 2.205 pounds (lb) 1 troy ounce (troy oz) - 31.: grams 1 gram (g) - .032 troy ox 1 metric tonne (mt) - S2,151 troy oz | 2.205 lbs 1 short ton (T) - 2,000 lbs PRINCIPAL ABBREVIATIONS AND ACRONYMS BAMIN - Banco Minero BCB - Banco Central de Bolivia SA - Banco Industrial SA . - Centro de Investigacion Minero Metalurgica IMITBOL - Corporacion Hinera de Bolivia -'D - Development Credit Department (Central Bank) ,TAW - Empresa Nacional de Fundiciones FCNEM - Fondo Nacional de Exploracion Minera FSE - Fondo Social de Emergencia FSTMN - Federacion Sindical de Trabajadores Mineros de Bolivia GEOBOL - Servicio Geologico de Bolivia IDB - Interamerican Developi*ent Bank IDM - Instituto de Desarrollo Minero INK - Instituto de Investigacion Minero Metalurgica MMK - Ministry of Mining and Metallurgy STCM - Servicio Tecnico del Cadastro Minero FOR OMFCIL USE ONLY STAFF APPRAISAL REPORT BOLIVIA MINING SECTOR REHABILITATION PROJECT TABLE OF CONTENTS Page No.
    [Show full text]
  • Sponsored by the Department of Science and Technology Volume
    Volume 26 Number 3 • August 2015 Sponsored by the Department of Science and Technology Volume 26 Number 3 • August 2015 CONTENTS 2 Reliability benefit of smart grid technologies: A case for South Africa Angela Masembe 10 Low-income resident’s preferences for the location of wind turbine farms in the Eastern Cape Province, South Africa Jessica Hosking, Mario du Preez and Gary Sharp 19 Identification and characterisation of performance limiting defects and cell mismatch in photovoltaic modules Jacqui L Crozier, Ernest E van Dyk and Frederick J Vorster 27 A perspective on South African coal fired power station emissions Ilze Pretorius, Stuart Piketh, Roelof Burger and Hein Neomagus 41 Modelling energy supply options for electricity generations in Tanzania Baraka Kichonge, Geoffrey R John and Iddi S N Mkilaha 58 Options for the supply of electricity to rural homes in South Africa Noor Jamal 66 Determinants of energy poverty in South Africa Zaakirah Ismail and Patrick Khembo 79 An overview of refrigeration and its impact on the development in the Democratic Republic of Congo Jean Fulbert Ituna-Yudonago, J M Belman-Flores and V Pérez-García 90 Comparative bioelectricity generation from waste citrus fruit using a galvanic cell, fuel cell and microbial fuel cell Abdul Majeed Khan and Muhammad Obaid 100 The effect of an angle on the impact and flow quantity on output power of an impulse water wheel model Ram K Tyagi CONFERENCE PAPERS 105 Harnessing Nigeria’s abundant solar energy potential using the DESERTEC model Udochukwu B Akuru, Ogbonnaya
    [Show full text]
  • The Unicode Standard, Version 6.3
    Currency Symbols Range: 20A0–20CF This file contains an excerpt from the character code tables and list of character names for The Unicode Standard, Version 6.3 This file may be changed at any time without notice to reflect errata or other updates to the Unicode Standard. See http://www.unicode.org/errata/ for an up-to-date list of errata. See http://www.unicode.org/charts/ for access to a complete list of the latest character code charts. See http://www.unicode.org/charts/PDF/Unicode-6.3/ for charts showing only the characters added in Unicode 6.3. See http://www.unicode.org/Public/6.3.0/charts/ for a complete archived file of character code charts for Unicode 6.3. Disclaimer These charts are provided as the online reference to the character contents of the Unicode Standard, Version 6.3 but do not provide all the information needed to fully support individual scripts using the Unicode Standard. For a complete understanding of the use of the characters contained in this file, please consult the appropriate sections of The Unicode Standard, Version 6.3, online at http://www.unicode.org/versions/Unicode6.3.0/, as well as Unicode Standard Annexes #9, #11, #14, #15, #24, #29, #31, #34, #38, #41, #42, #44, and #45, the other Unicode Technical Reports and Standards, and the Unicode Character Database, which are available online. See http://www.unicode.org/ucd/ and http://www.unicode.org/reports/ A thorough understanding of the information contained in these additional sources is required for a successful implementation.
    [Show full text]
  • North Dakota Mill Executive Session
    Minutes of a Meeting of the Industrial Commission of North Dakota Held on October 22, 2020 beginning at 12:30 p.m. Ft. Union Room - State Capitol Present: Governor Doug Burgum, Chairman Attorney General Wayne Stenehjem Agriculture Commissioner Doug Goehring Also Present: Some attendees are listed on the attendance sheet available in the Commission files This meeting was open through a call-in number so not all attendees are known Members of the Press Governor Doug Burgum called the Industrial Commission meeting to order at approximately 12:30 p.m. and the Commission took up Mill business. NORTH DAKOTA MILL (“Mill”) It was moved by Attorney General Stenehjem and seconded by Commissioner Goehring that under the provisions of N.D.C.C. § 44-04-18.4 the Industrial Commission proceed into executive session to discuss commercial information including the North Dakota Mill’s marketing strategies and sales plans. On a roll call vote, Governor Burgum, Attorney General Stenehjem, and Commissioner Goehring voted aye. The motion carried unanimously. Governor Burgum noted that the executive session would be recorded. He reminded the Commission members and those present to limit their discussion to the announced topic during the executive session, which was anticipated to last 15 minutes. It was noted that upon conclusion of the executive session the Commission would reconvene in open session. Commission members, their staff, and employees of the North Dakota Mill were instructed to participate using the directions they had been given. The executive session began at 12:35 p.m. NORTH DAKOTA MILL EXECUTIVE SESSION Members Present: Governor Doug Burgum Attorney General Wayne Stenehjem Commissioner Doug Goehring Others in Attendance: Leslie Bakken Oliver Governor’s Office Reice Haase Governor’s Office John Schneider Department of Agriculture Vance Taylor State Mill (Phone) Cathy Dub State Mill (Phone) Karlene Fine Industrial Commission Office Andrea Pfennig Industrial Commission Office The North Dakota Mill executive session ended at 1:01 p.m.
    [Show full text]
  • Your Personal Link to Global Transportation and Logistics
    Welcome to LEMAN YOUR PERSONAL LINK TO GLOBAL TRANSPORTATION AND LOGISTICS Version 2021/01 BHN We always find a way We help customers around the world with their transport and logistics needs. Regardless of the size of the job, our aim is always the same: To provide a solution that serves you best in terms of time, price and quality. We always find a way – the LEMANway More than 120 years of experience • 1900 The company Paul Lehmann was founded in Denmark. • 1971 LEMAN USA was founded. • 1973 Change of name to LEMAN. • 1987 LEMAN Sweden was founded. • 2001 LEMAN Norway was founded. • 2006 LEMAN Finland was founded. • 2010 LEMAN UK was founded. • 2020 LEMAN Greenland founded. • 2021 LEMAN China founded LEMAN today • Global capacity and services in +150 countries. • Present in 8 countries with 28 branches. • High quality transport and logistics provider. • Personalized customer service approach . • Independent and financially sound. • Partners in over 120 countries. • Best in class agent network. • Approx. 750 empl. A stronger LEMAN through organic growth and exciting acquisitions May 2012 Acquisition of Otto Hansen & Co, Denmark with 55 empl. Sept. 2014 Acquisition of Dan Cargo in DK, SE, NO with 100 empl. July 2015 Acquisition of RSH Freight and Principal Freight in UK. Oct. 2015 Acquisition of Dalpa International in UK with 30 empl. Sept. 2017 Acquisition of MARU in UK with 90 empl. June 2018 Acquisition of FIN Logistics in Finland. The LEMAN branches Greenland Denmark Branches: Nuuk Denmark HQ: Greve (Copenhagen) Employees: 2 Subsidiary: IntraVAT Branches: Aalborg, Herning, Taulov Sweden Employees: 6 Branches: Helsingborg, Employees: 393 Turnover: DKK 9,7 mill.
    [Show full text]
  • Bitcoin: Questions, Answers, and Analysis of Legal Issues
    Bitcoin: Questions, Answers, and Analysis of Legal Issues Craig K. Elwell Specialist in Macroeconomic Policy M. Maureen Murphy Legislative Attorney Michael V. Seitzinger Legislative Attorney July 15, 2014 Congressional Research Service 7-5700 www.crs.gov R43339 Bitcoin: Questions, Answers, and Analysis of Legal Issues Summary Bitcoin first appeared in January 2009, the creation of a computer programmer using the pseudonym Satoshi Nakamoto. His invention is an open source (its controlling computer code is open to public view), peer to peer (transactions do not require a third-party intermediary such as PayPal or Visa), digital currency (being electronic with no physical manifestation). The Bitcoin system is private, but with no traditional financial institutions involved in transactions. Unlike earlier digital currencies that had some central controlling person or entity, the Bitcoin network is completely decentralized, with all parts of transactions performed by the users of the system. With a Bitcoin transaction there is no third party intermediary. The buyer and seller interact directly (peer to peer) but their identities are encrypted and no personal information is transferred from one to the other. However, unlike a fully anonymous transaction, there is a transaction record. A full transaction record of every Bitcoin and every Bitcoin user’s encrypted identity is maintained on the public ledger. For this reason Bitcoin transactions are thought to be pseudonymous, not anonymous. Although the scale of Bitcoin use has increased substantially, it still remains small in comparison to traditional electronic payments systems such as credit cards and the use of dollars as a circulating currency. Congress is interested in Bitcoin because of concerns about its use in illegal money transfers, concerns about its effect on the ability of the Federal Reserve to meet its objectives (of stable prices, maximum employment, and financial stability), and concerns about the protection of consumers and investors who might use it.
    [Show full text]
  • Department of Justice Antitrust Division
    Tuesday, June 10, 2008 Part III Department of Justice Antitrust Division United States v. Abitibi-Consolidated Inc. et al.; Response to Public Comment on the Proposed Final Judgment; Notice VerDate Aug<31>2005 17:35 Jun 09, 2008 Jkt 214001 PO 00000 Frm 00001 Fmt 4717 Sfmt 4717 E:\FR\FM\10JNN2.SGM 10JNN2 rwilkins on PROD1PC63 with NOTICES2 32834 Federal Register / Vol. 73, No. 112 / Tuesday, June 10, 2008 / Notices DEPARTMENT OF JUSTICE Judgment after the Comment and this the course of the Department’s Response have been published in the investigation into the proposed merger, Antitrust Division Federal Register, pursuant to 15 U.S.C. the NAA shared with the investigative 16(d). staff its concerns about the impact of the United States v. Abitibi-Consolidated The United States filed a civil proposed merger on competition; the Inc. et al.; Response to Public antitrust Complaint under Section 15 of investigative staff carefully analyzed its Comment on the Proposed Final the Clayton Act, 15 U.S.C. 25, on concerns and submissions, as well as Judgment October 23, 2007, alleging that the the data, market facts and opinions of Pursuant to the Antitrust Procedures merger of Abitibi-Consolidated other knowledgeable parties. and Penalties Act, 15 U.S.C. 16(b)–(h), Incorporated (‘‘Abitibi’’) and Bowater The Department concluded that the the United States hereby publishes the Incorporated (‘‘Bowater’’) would violate combination of Abitibi and Bowater public comment received on the Section 7 of the Clayton Act, 15 U.S.C. likely would lessen competition in the proposed Final Judgment in United 18.
    [Show full text]
  • Steel Concrete Reinforcing Bar from Turkey
    A-489-818 Remand Turkey Rebar 14-00268 POI: 07/01/2012 – 06/30/2013 Public Document E&C: AD/CVD Ops OIII: JL, GM Rebar Trade Action Coalition v. United States Consol. Court No. 14-00268, Slip-Op. 15-130 (CIT November 23, 2015) FINAL RESULTS OF REDETERMINATION PURSUANT TO COURT REMAND A. SUMMARY The Department of Commerce (the Department) prepared these final results of redetermination in accordance with the opinion and remand order of the U.S. Court of International Trade (CIT or the Court) issued on November 23, 2015, in Rebar Trade Action Coalition v. United States, Consol. Court No. 14-00268, Slip-Op. 15-130 (CIT 2015) (Remand Order). This final remand concerns the final determination in the antidumping duty (AD) investigation of steel concrete reinforcing bar (rebar) from Turkey, concerning the period of investigation, July 1, 2012, through June 30, 2013.1 In the Remand Order, the Court granted the Department’s request for a voluntary remand to reconsider the issue concerning duty drawback calculations. Specifically, the Court granted the Department a remand to reconsider our duty drawback adjustment in its entirety, i.e., 1) whether we should have granted Habas and Icdas2 any duty drawback adjustment, 2) to provide further explanation or reconsider inclusion of “foregone” resource utilization fund (KKDF) taxes 1 See Steel Concrete Reinforcing Bar from Turkey: Final Negative Determination of Sales at Less Than Fair Value and Final Determination of Critical Circumstances, 79 FR 54965 (September 15, 2014) (Final Determination), and accompanying Issues and Decision Memorandum (Final Determination Decision Memorandum). 2 The respondents in the administrative proceeding are Habas Sinai ve Tibbi Gazlar Istihsal Endustrisi A.S.
    [Show full text]
  • Dietmar Rothermund Currencies, Taxes and Credit Asian Peasants in the Great Depression, 1930-1939
    Dietmar Rothermund Currencies, Taxes and Credit Asian Peasants in the Great Depression, 1930-1939 Introduction The Asian peasants would not have been affected by the Great Depression if they had been subsistence agriculturists with only minimal relations with the market. In fact, food production rather than the production of cashcrops was predomi- nant in most Asian countries. But even the producers of wheat, rice and millets and other food crops were tied to market forces because they had to pay land rev- enue and other taxes, or they had to pay rent to landlords and interests to money- lenders. Many of them had become enmeshed in rural credit networks once and for all, because their creditors were eager to keep them in debt by charging high nominal interest rates, while resting content with lower effective interest rates ad- justed to the living conditions of their debtors. After all, the peasant had to stay alive in order to serve his creditor. The burden of rent or revenue had contributed to peasant indebtedness. Moneylenders were usually willing to help the peasant when the collectors of rent or revenue approached them in order to obtain possession of their land in terms of mortgages or by pre-empting their harvest in this way. Moneylenders were usually also graindealers and often financed forward trading. Some of them may have been able to conduct their business purely with their own funds. But most of them had to re-finance their operations through banks or wholesalers etc. Thus the rural credit network was interlinked with higher levels of credit management.
    [Show full text]
  • Symbols & Glyphs 1
    Symbols & Glyphs Content Shortcut Category ← leftwards-arrow Arrows ↑ upwards-arrow Arrows → rightwards-arrow Arrows ↓ downwards-arrow Arrows ↔ left-right-arrow Arrows ↕ up-down-arrow Arrows ↖ north-west-arrow Arrows ↗ north-east-arrow Arrows ↘ south-east-arrow Arrows ↙ south-west-arrow Arrows ↚ leftwards-arrow-with-stroke Arrows ↛ rightwards-arrow-with-stroke Arrows ↜ leftwards-wave-arrow Arrows ↝ rightwards-wave-arrow Arrows ↞ leftwards-two-headed-arrow Arrows ↟ upwards-two-headed-arrow Arrows ↠ rightwards-two-headed-arrow Arrows ↡ downwards-two-headed-arrow Arrows ↢ leftwards-arrow-with-tail Arrows ↣ rightwards-arrow-with-tail Arrows ↤ leftwards-arrow-from-bar Arrows ↥ upwards-arrow-from-bar Arrows ↦ rightwards-arrow-from-bar Arrows ↧ downwards-arrow-from-bar Arrows ↨ up-down-arrow-with-base Arrows ↩ leftwards-arrow-with-hook Arrows ↪ rightwards-arrow-with-hook Arrows ↫ leftwards-arrow-with-loop Arrows ↬ rightwards-arrow-with-loop Arrows ↭ left-right-wave-arrow Arrows ↮ left-right-arrow-with-stroke Arrows ↯ downwards-zigzag-arrow Arrows 1 ↰ upwards-arrow-with-tip-leftwards Arrows ↱ upwards-arrow-with-tip-rightwards Arrows ↵ downwards-arrow-with-tip-leftwards Arrows ↳ downwards-arrow-with-tip-rightwards Arrows ↴ rightwards-arrow-with-corner-downwards Arrows ↵ downwards-arrow-with-corner-leftwards Arrows anticlockwise-top-semicircle-arrow Arrows clockwise-top-semicircle-arrow Arrows ↸ north-west-arrow-to-long-bar Arrows ↹ leftwards-arrow-to-bar-over-rightwards-arrow-to-bar Arrows ↺ anticlockwise-open-circle-arrow Arrows ↻ clockwise-open-circle-arrow
    [Show full text]
  • Bubonic Plague and Mill Labour in Bombay, 1896–1898
    IRSH 59 (2014), pp. 181–214 doi:10.1017/S0020859014000157 r 2014 Internationaal Instituut voor Sociale Geschiedenis The Tie That Snapped: Bubonic Plague and Mill Labour in Bombay, 1896–1898 A DITYA S ARKAR Department of History, University of Warwick Humanities Building, University Road, Coventry, CV4 7AL, United Kingdom E-mail: [email protected] ABSTRACT: In September 1896, the city of Bombay witnessed the beginning of a long-drawn-out epidemic crisis, with the outbreak of bubonic plague. This article investigates one particular dimension of this crisis – its effects upon the city’s cotton textile mills, and its profound, though temporary, alteration of the relations between employers and workers. It argues that the structure of industrial relations in the textile mills in the second half of the nineteenth century rested upon the retention of wage arrears by mill managements, which forced workers into permanent debt, and bound them to the mill and their employers. The demographic and industrial crisis ushered in during the plague years, the article shows, cracked open this structure of industrial control, and workers were able to sustain a new, fleeting system of industrial ‘‘regulation from below’’, based on the daily payment of wages. Through a study of the tensions in textile mills in 1897, situated within the broader context of a crisis of urban labour relations, the article shows the ways in which industrial relations were both deconstructed and reconstituted in a new form. In September 1896, Bombay’s municipal administration declared the presence of bubonic plague in the city.1 Within weeks, a series of ram- shackle medical and sanitary fortifications against the epidemic had been erected, but these proved ineffective.
    [Show full text]