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UK governments of the 1970s and 1980s. While in the 1990s both countries refused to acknowledge any responsibility for the links Guerin built with South Africa, Iraq, Pakistan and China, all countries that were at that time on the United Nations embargo list, there is little doubt that successive American Presidents and British Prime Ministers were aware of his covert work in disseminating conventional weapons technology and equipment. In spite of various UK governmental inquiries in the 1990s, little of this has still to come to light, making it even more

in Ferranti: A History

persuade his fellowdirectors that there was no substance behind the Grand Jury investigations, placing on record a false statement that ISC had never sold military systems to South Africa,4 by February 1989 Ball had persuaded Sir Derek Alun-Jones to make it official corporate policy that the firm would never trade with this embargoed country. Needless to say, though, as Guerin and Ivy continued to INVESTIGATIONS AND COURT CASES 143 work with South African subcontractors on various missile programmes, the ISC chief executive completely ignored this ruling, providing

in Ferranti: A History
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Making do, rationing and nostalgic austerity

-​Rees argue, despite the strong emphasis on ‘making do’, there was also a very prevalent advertising theme in UK magazines which insisted all products were needed ‘more than ever before’ (1987:94). According to Waller and Vaughan-​Rees, then, the war was used to sell products, just as much as it advocated consumer restraint. Similarly, Parkin studied the content of American Second World War adverts and found an interrelation between frugality and consumption (2006). She notes how US companies typically encouraged consumers to buy their products by claiming that their

in A brief history of thrift
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Keynes, consumer rights and the new thrifty consumers

North American consumer magazine. This unfathomable range of influences, then, saw a consumer movement in the United States that was seen as coming from the political Left (in fact McCarthy even accused it of harbouring communists), but through which thrift had become about being a wise consumer in light of collective interests instilled by the New Deal, a Democrat-​inspired and yet highly commercial plan more aligned to what would be seen as Right-​wing policies in the UK. The New Deal: consuming for national economic recovery It was also against the backdrop of the

in A brief history of thrift

be done to change them. For example, virtually everyone would agree that inequality of height is not something that should be changed, while the type of racial inequality that was in place in apartheid South Africa is something that should be changed. Contemporary political debate covers a wide variety of inequalities such as income and wealth, race and gender and even between generations. Income inequality is probably what most people have in mind when they think about inequality. In the UK income inequality increased in the 1980s and has remained at historic

in The econocracy

. Any misgivings about ISC activities in what were described as covert policy areas (South Africa, China, Chile and Iraq) were disregarded as an element of risk in the deal, even if in hindsight it is clear that the board should have been much more cautious. On this point, Sir George Younger, Secretary of State at the Ministry of Defence, informed Sir Donald McCallum that he had personally warned Sir Derek Alun-Jones that ISC was not a company he would trust.64 At exactly the same time, MoD officials in the Procurement Executive offered anecdotal evidence that should

in Ferranti: A History

advice, probably because he was now being asked for a signed document, convincing Ball that no part of Ferranti International should trade directly with Armscor. After Sir Derek was fully briefed on these developments, this became official corporate policy, thereby terminating all Ferranti links with Armscor and South Africa. Although this was a difficult development for Guerin and Ivy, as we shall see later this did not stop them from sustaining their links with the apartheid regime, because these were essential to the various missile programmes that they were

in Ferranti: A History

Chapter 2 The evolution of LIBOR What is LIBOR? LIBOR is the London Interbank Offered Rate, that is, the interest rate at which banks offer to lend funds to each other in the international interbank market. It is an indication of the costs of unsecured borrowing for the banks. It is a benchmark that reflects the interest rate, credit premium and liquidity premium that a leading bank would expect to be offered by a similar bank. It is set at 11 a.m. UK time in 10 currencies and for several maturities. Until 1 February 2014, LIBOR was owned by the British Bankers

in Holding bankers to account
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Frugality, de-growth and Voluntary Simplicity

population growth (in the developing world) that was the major threat to the environment, but the use of fossil fuels by those in the developed world. This put the emphasis for change on the West and its habits and was a sizeable shift from previous thinking. Summits such as the 1992 Earth Summit in Rio further pushed the idea of sustainable development. Furthermore, consumption (and non-​consumption) specifically features in the logic of these debates. For example, Agenda 21, the policy document that arose 93 Ecological thrift 93 from the Rio Earth Summit in 1992

in A brief history of thrift
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Issues, debates and an overview of the crisis

1999 Brazil had about US$36 billion in reserves compared to US$70 billion in August 1998. The Standard and Poor’s ratings agency downgraded Brazil’s foreign debt rating, and the Bovespa, Brazil’s leading stock index, fell by 27 per cent in a week. As reserves continued to decline, the government was forced to abandon its exchange-rate policy and float the beleaguered real on January 15, 1999 – just two weeks after President Cardoso’s second inauguration.19 For the G-7 nations and their OECD partners, acting in concert with the IMF, the World Bank and other

in The Asian financial crisis