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The article presents abstracts of geographical research papers. In the research paper "A Geographical Study of Nova Scotia," researcher R.H. Whitebeek discusses the geographic conditions of Nova Scotia. Lying nearer Europe and possessing many excellent harbors and peopled by immigrants from the best European stocks, the province of Nova Scotia in Canada has now, after 300 years, fewer people than the city of Boston, Massachusetts. Its total manufacturing output is less than that of single companies in New England, and the province has shared but slightly in Canada's economic growth.

The article comments on the perspective of professors Georg Rich and Raymond F. Mikesell on the operations of the Eurodollar market using different perspectives in Europe. The author explains that the work of Rich and Mikesell makes the point that Eurodollar volume and rates are determined simultaneously with the United States balance of payments, foreward exchange premiums, and other international financial variables. It is the author's belief that Rich and Mikesell do not adequately handle this issue in their paper. The author presents several criticisms of the works.

The article comments on the paper related to social development in the Philippines. The author of the paper had neglected the vast body of European and American study of and in both Western and non-Western societies. Even though it is justifiable that conceptualization and methodology must be developed in relation to the particular "time-space characteristics" of the research situation, it not justifiable to adopt some as yet undeveloped and essentially unknown "new" theory. The author of the paper had discarded too lightly the enormous experience of "Western" social scientists in observation and interpretive analysis of socio-cultural patterns ranging from the most "scared" to the most nearly "secular." The use of scientific experience remains the most powerful intellectual guide which man has yet devised. The de-emphasis of "quantitativism" in favor of field and problem-oriented study is vitally necessary. The author of the paper easy slip into the concretistic error of assuming that the historical peculiarities of Philippine societal development require unique interpretive tools.

In view of the unsettled condition of European industry and finance, of the depreciated and fluctuating exchanges, and of the enormously heavy tax burdens, existing or prospective, pressure for prompt payment of either principal or interest at any early date would be most unwise. But eventual payment under a generously elastic funding arrangement is both possible and probable. The burden of settling for past wars will be less irksome than that of earlier days devoted to preparation for future wars, and the disturbance to the international money markets and exchange long since stabilized will be inconsiderable. Though advocating the cancellation of this foreign indebtedness, It should, however be a endeavor to make it at the same time an instrument of reform. It might fairly be required, in return for a gradual and progressive cancellation of these debts, that the debtor nations balance their budgets, that they stop the further emission of paper money and that they apply their resources to economic purposes rather than to armament.

The article comments on the papers "The Changing Role of U.S. Banks in International Financing," by George H. Chittenden, "The International Money Market: Structure, Scope and Instruments," by Fred H. Klopstock, and "The Integration of European Capital Markets," by Oscar L. Altman, all published within the issue. The author looks at changes occurring in European capital markets, international money markets, and commercial bank lending. The movement toward better organized markets for long-term capital in Western Europe is discussed.

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The article presents a conference paper in response to another paper published in this same issue titled "Cost of the Marshall Plan to the United States," by Seymour E. Harris. The author notes that Harris may not have had the advantage of reading the 240 page report containing the U.S. President Harry Truman's proposals for European recovery. The author considers the role of financial measures in economic recovery, stabilization loans, and the validity of the cost estimates of the Plan.

The article presents a conference paper in response to another paper published in this same issue titled "What Can Europe Do For Itself?," by Calvin B. Hoover. The author agrees with Hoover's assessment and concern about the control of inflation in Europe and presents a solution that involves grants-in-aid which would allow the U.S. some control in controlling inflation through central banks. Discussion of trade barriers and price controls is also presented.

A conference paper discussing the cost of the Marshall Plan to the U.S. is presented. The author notes the estimates given by the Committee on European Economic Cooperation (CEEC) for the Economic Recovery Program, which claim that the cost to the U.S. would be $22.4 billion. The author expresses concern that this estimate may be low. The author considers income and payments for European recovery, the Marshall Plan and inflation, inflation and commodity markets, and U.S. budgetary problems.

In asking the question, "what can Europe do for itself?" in recovering and rebuilding after World War II, the article presents a conference paper that addresses information from the "General Report of the Committee of European Economic Cooperation." The author summarizes the European position into one: increase production. The author considers whether the goals outlined are attainable and what that will mean, discussing food, coal, electrical power, oil refinement, and steel production.

This article focuses on the comparative content analysis of the Arabic press. The purpose of this analysis was to determine the extent to which the reading publics in various Arab countries are being exposed to news of international events. Secondly, the kind of information the press is transmitting and the relative attention it is paying to events involving different countries of Europe, Asia and Africa. Lastly, the favorable or unfavorable images of these other countries that this information is likely to convey to the readers. The content analysis was carried out in two phases. The first concerned the content of the entire newspaper. In this phase, printed space was measured and multiplied by the average number of pages per issue to obtain base totals for each prestige paper. The second phase of the analysis was confined to the first page only. Items appearing on this page were classified in greater detail. In the study it was found that, despite the small size of many Arabic newspapers, papers, internationally significant news, as opposed to news of local or regional reference, absorbs a surprisingly high percentage of total space. Objective changes in the world power situation and in the nature of Arab-Western interaction have not succeeded in suppressing the Arab's preoccupation with external affairs.

The article presents a discussion related to business cycle written by Milton Gilbert and a reference to the paper written on the same topic by Jacques J. Polak and Rudolf R. Rhomberg. Europe has had only two recessions since the war, one in 1952 and one in 1958, contrasted with the four that the U.S. has had. The 1952 recession was due mainly to restraints exercised by the policy-making authorities for the purpose of correcting balance-of-payments difficulties, although the reaction from the Korean boom was also a factor, it was secondary. The 1958 recession was also due to policy restraints exerted during the three years from 1955 to 1957. These restraints were applied mostly to correct excess demand, overfull employment, and inflationary pressures, although balance-of-payments difficulties were a factor in some or most cases. Thus the only recessions resulted from policy measures, taken deliberately. The recessions also were ended by policy management. Restraints were relaxed when the authorities considered that expansion could be safely resumed. And it did resume.

The paper reviews research findings from various European countries (including the author's own studies in Vienna) on intergenerational relations between parents and their grown-up children. Numerous data disprove certain important features of the classical theory of the isolated nuclear family in industrialized and urbanized society. Although, according to newer data, joint living is a minority pattern, effective interaction (economic support, help in both ways and mutual visiting) is frequent and emotionally important particularly to the elderly. ‘Intimacy—but at a distance—corresponds to wishes of both generations. A special section of the paper is dedicated to propositions for theoretical innovation in the problem area studied including, e.g., a criticism of role theory, a criticism of statements on family cohesion based on findings of help patterns only. The paper postulates an amalgamation of major aspects of social gerontology with a sociology of the family cycle. [ABSTRACT FROM AUTHOR]

The article highlights the Conference of University Professors on the use of monetary and fiscal policy held in Europe in 1968. Attendees of the conference examined the integration of European capital markets and plans to develop papers on the theoretical issues involved in the introduction of money into models of economic growth. The fourth session of the conference examined abstractions and realities of monetary theory. The article also presents a description of several papers presented at the conference.

The volume of literature on the credit-creating powers of the Euro-dollar market, although small, is growing. This paper contends that the stock of net Euro-dollar deposits (E[sub n]) can be expressed as the product of a Euro-dollar base (B) and a Euro-dollar multiplier (k). As in domestic models, the terms of the multiplier reflect asset choices of the sectors reflected by them. A parallel between the flow of funds within the Euro-dollar market and most domestic banking systems exists. Except that no single institution serves as a Euro-dollar central bank, the two systems are highly comparable. [ABSTRACT FROM AUTHOR]

The general absence of legal reserve requirements upon the reserves of non-U.S. banks offering dollar-denominated deposit facilities (hereafter Eurobanks) provides a unique opportunity for analysis of reserve determination by a fractional-reserve financial intermediary. This paper presents evidence that the reserve ratio in the Euro-dollar system is low and falling and is in fact determined by behavior which is consistent with the hypothesis that Euro-bank dollar deposits in U.S. commercial banks (excluding loans to home offices) are held as precautionary reserves. The demand for such loans to home offices largely determines their level. Since the theory of precautionary balances held by commercial banks is consistent only with the profit maximization principle of commercial banks' asset management, where commercial banks' responses to market forces determines portfolio behavior, we shall be concerned here primarily with the determination of Euro-banks demand deposit claims on U.S. commercial banks, exclusive of loans to home offices. Evidence reported below does in fact suggest that the behavior of liabilities to foreign branches of U.S. banks is not consistent with the profit maximization principle. [ABSTRACT FROM AUTHOR]

The article expands upon the results derived in a paper by Patric Hendershott, "The Structure of International Interest Rates: The U.S. Treasury Bill Rate and the Eurodollar Deposit Rate," which appeared in the September, 1967 edition of the "Journal of Finance." In that paper Hendershott contended that the equilibrium Eurodollar rate is determined primarily by the three-month U.S. Treasury bill rate. The author of the current paper extends Hendershott's work by examining the impact on the Eurodollar rate of both foreign and short-term U.S. rates. His results are in agreement with Hendershott's.

The article comments on the papers "The Changing Role of U.S. Banks in International Financing," by George H. Chittenden, "The International Money Market: Structure, Scope and Instruments," by Fred H. Klopstock, and "The Integration of European Capital Markets," by Oscar L. Altman, all published within the issue. The author looks at changes occurring in European capital markets, international money markets, and commercial bank lending. The shortage of international liquidity is discussed. The author feels that broadened exchange controls among major countries are not as effective as simply remaining solvent.

This paper is concerned with an analysis of similarities and differences in the organization structure of multinational corporations based in the United States and four European countries. The empirical investigation focused on companies operating under similar contextual constraints. Five dimensions of structural characteristics were examined: (1) basic organizational orientation, (2) structure of the relationships between the corporate headquarters and its foreign operating units, (3) the degree of centralization/decentralization, (4) the standardization of procedures, and (5) organizational flexibility. The results of the survey reveal certain similarities, but they also reveal significant variations in the organization structure of multinational firms of different national origin. [ABSTRACT FROM AUTHOR]

The article focuses on the collection of papers "Big Business and the State," edited by Raymond Vernon. This collection of papers composes an intensive examination of the changing relations between business and government in Europe. An able group of scholars wrote chapters on two dimensions of the subject: countries and industries. Each paper is in itself a useful study of the character of business firms, the objectives of the governments, and the manner in which they have pursued them. In his introductory chapter the author pulls together the main threads running through the papers into a composite picture of the evolution of business-government relations. Overall he sees an increasing similarity in the national policies of various governments toward their large enterprises, notably a growing tendency to use large national enterprises in an effort to solve specific problems as if they were agencies of the state. And there has been a related tendency to develop methods of governance that have reduced the role of the parliamentary process and elevated the role of specialized groups such as large enterprises and large unions. The increasing similarity does not, however, contribute to European integration, the efforts of the governments being as much directed to national objectives as ever.