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The gap between American and European growth rates vanishes. But there is little evidence that the old countries can go ahead in the near future. During the past three years American investors have done a lot. Housebuilding and the service sector fully benefited by it, but many manufacturing activities, under pressure of competition, also gained in strength. Out from the big european countries, Germany alone strove to modernize accordingly and displays some optimism. Would the dollar fall be confirmed, the external constraint still imposed to several countries will be relieved, and consumption stimulated through reduced inflation. In return competition will increase, demand from developing countries will drop and there will be little ground left for exports. French growth, albeit more sustained next year, will still show signs of lagging. Consumption is drawn by tax cuts and a weakening saving propensity. Net borrowing will be narrowed with curtailed expenses of the central government and still low purchases of new dwellings by households. As for firms, debt funding and cautious investment will be carried on. A lower inflation and some linkage of financial and monetary markets will help the easing of interest rates. Trade gap could be reduced and long term foreign debt would stop growing.

Nous avons l'honneur de vous informer qu'en conformité de la décision prise à Saint-Pétersbourg relativement à l'emploi des revenus annuels du Fonds Augusta et du règlement élaboré en conséquence, le Comité international a, après plusieurs délibérations, décidé d'attribuer les revenus de ce Fonds en 1903, au Comité central danois, comme contribution au capital destiné à l'érection à Copenhague d'un hôpital modèle.

Cover -- Half Title -- Title -- Copyright -- Contents -- List of figures -- List of tables -- Foreword -- Preface -- Acknowledgements -- Abbreviations -- 1 INTRODUCTION -- Geographical Features -- Area -- Natural resources -- Population -- Economic Activities in the Pre-Oil Period -- The pearling industry -- Trade and maritime transport -- Other activities -- Fiscal Policies in the Pre-Oil Period -- Introduction -- Bahrain -- Kuwait -- Other Emirates -- The Sheikhdom System and its Evolution -- The stage of tribal confederation -- The autocratic stage -- Constitutional Sheikhdom -- 2 THE OIL INDUSTRY -- An Historical Survey -- Historical background -- The facts of location -- Crude Oil -- Producing oil fields -- Crude oil production -- Crude oil exports -- Producing oil companies -- Crude oil reserves -- Impact of Petroleum Exploitation on Local Economies -- The refining industry -- Domestic consumption of petroleum products -- Oil tankers and pipelines -- Natural gas production and usage -- Natural gas-based industry -- The impact of the oil companies' local expenditure -- 3 OIL REVENUES OF THE EMIRATES -- Assessment of the Oil Revenues -- Individual Emirates -- Some differences -- Factors Determining the Emirates' Oil Revenue -- Cost of production -- Crude oil production -- Financial terms -- Some Considerations for Achieving the Optimum Level of Oil Revenues -- Alternative ways of utilizing petroleum resources -- The productive-absorptive capacity -- International investment opportunities -- 4 BAHRAIN: THE ALLOCATION OF THE OIL REVENUE -- Introduction -- Method -- Bahrain -- Bahrain State: Public Revenue, Expenditure and Reserve, 1947-1970 -- Public revenue -- Public expenditure -- Public reserve fund -- The Allocation of the State's Oil Revenue, 194 7/48-1970 -- Proportional contribution of oil revenue spent.

Several African countries have to increase their tax revenues to finance human and economic development. General consumption taxes, such as VATs, are the preferred instrument for doing so, because they are less detrimental to growth than income taxes. To enable their use, VAT design has to be improved. Currently, many VATs are so riddled with exemptions and zero rates on domestic goods that they resemble extended excise tax systems, while the standard rate is mainly confined to luxury goods. VAT base-broadening would not only increase revenue, but also reduce the economic distortions and administrative complexities of most taxes.

Customer discrimination may result in racial differences in the marginal revenue products generated by workers. College basketball data allow for direct comparisons of the racial differences in the marginal revenues generated by players. This article compares the revenue generating potential of the top black and white college basketball players. A highly skilled white college player generates over $100,000 in per game revenues as compared to around $30,000 for a black player of equal talent, providing a strong incentive for colleges to discriminate against recruiting black student-athletes.