The Michigan Daily - Monday, September 23, 1985-Page 3
Western officials meet
,for e onomicsummit
NEW YORK (AP) - Finance
ministers from the five major
Western industrial nations pledged:
yesterday to fight protectionism, and
agreed to take steps to strengthen key
European currencies and the
Japanese yen against the U.S. dollar.
U.S. Treasury Secretary James
Baker, at a news confeence following
the officials' meeting, did not announce
any steps to revise currency trading
procedures. A senior Reagan ad-
ministration official had said earlier
such steps were to be the point of the
The officials - from the United
States, Japan, West Germany, Great
'Britain and France - said only that
"exchange rates should play a role in
adjusting external imbalances" and
pledged to cooperate on that score.
Great Britain's finance minister said
intervention in currency markets
might play a role in bringing down the
t value of the dollar.
The dollar's strength has been
blamed for record U.S. trade deficits.
A high dollar makes U.S. goods more
expensive overseas, and makes im-
ports cheaper in this country.
The increased flow of imprts has led
to demands for protection from im-
ports in this country; it is feared other
r nations might retaliate by restricting
imports from the United States if
protectioinist measures are im-
"We are all concerned about rising
protectionist pressures," said Baker.
"We agreed that turning toward
I protectionism would be very
dangerous for the world economy, and
that it is essential to resist pressures
for restrictive trade measures.''
"We do believe that intervention in
the foreign exhcange market, in par-
ticular relation to the foreign ex-
change value of the dollar, which is
still high, although not as high as it
was, may have a useful part to play,"
said Nigel Lawson, British Chancellor
of the Exchequer.
West German Finance Minister
Gerhard Stoltenberg agreed that,
"We all give greater emphasis to ex-
change rates and we have discussed
fundamental policy and other means
to come to a more balanced
Still, he said, in order for the dollar
to decline there must be "many
developments and many means of
cooperation . . . Maybe our
discussions can contribute but they
cannot really command markets."
The steps announced yesterday in-
cluded British and West German reaf-
firmation of commitments to reduce
taxes, an effort by Japan to stimulate
domestic demand, and French steps
to liberalize and modernize financial
"These measures will promote
greater convergence in economic per-
formance toward non-inflationary
growth which can' contribute to a
strengthening of non-dollar curren-
cies," Baker said. "We all believe this
is a positive means of addressing con-
cerns about the large trade imbalan-
ces among our countries."
The senior Reagan administration
official, who spoke in Washington on
condition he not be identified, said the
five nations had already agreed in
principle to "bring the value of the
dollar down and the value of the other
The Reagan administration has
agreed to intervene more often in
foreign currency markets, that is, to
buy and sell gold to maintain certain
currency values, the official said.
In recent years, the U.S. gover-
nment has only intervened in foreign
exchange markets in times of great
Federal Reserve Chairman Paul
Volcker, who also attended the New
York meeting, would not say whether
any intervention had been agreed
upon, though he said it was an option.
Representatives for the following emt-
ployers and graduate/professional
schools will conduct interviews on cam-
pus during the next three weeks:
Loyola University of Chicago
Sept. 30 & Oct. 1
National Starch & Chemical
Kennedy School of Gov't
Public Policy Program
(Harvard & Princeton)
Michigan Citizens Lobby
National Bank of Detroit
Signal Research Center Inc.
Michigan Citizens Lobby
Electronic Data Systems
Oct. 10& 11
Procter & Gamble
Contact the Career Planning and
Placement office in advance for more
good price -
That's State Farm
By SUSAN GRANT
Finance, accounting, marketing,
and ethics. Ethics?
A national survey released earlier
this year recommends that business
schools include ethics classes in the
traditional business-school profit-
making course curriculum.
"Objectives should be focused not
only on the acquisition of a body of
basic knowledge, but more importan-
tly on the development of analytical
and personal skills so that knowledge
can be applied to detecting and
solving managerial challenges," the
The Business-Higher Education
Forum, which prepared the report, is
composed of university ad-
ministrators and businessmen from
around the country. It provides rec-
ommendations on business school
Gilbert Whitaker, University
business school dean, is a member of
"It's not always as obvious as
'Should I take a bribe or not?"'
Whitaker said. "That's a fairly simple
issue, but many times the issues get a
lot more complicated."
"If you're talking about a decision
concerning safety in the workplace
you might have to decide between:
jobs or safety," Whitaker said. "Can
you afford to buy safety equipment or
will you have to lay off employees to
Prof. Dennis Severence has incor-
porated such discussions in his
business school class - "Information
Systems, Analyzing, and Design."
He develops scenarios for the
"Then I tell them to go home and
think about the issue," Severence
said. "They have to say if the issue is
ethical, non-ethical, or that there is no
ethical issue. The next day I collect
the sheets of paper and we discuss the
issues. Those who say the issue is
unethical must say why they feel it
"I'm positive there is a need for
ethics, but I'm not sure that there
needs to be a specific course," said
Prof. Edwin Miller, who teaches a
course on industrial relations.
Whitaker agrees that there should
be no separate ethics course.
Ethical issues in the area of finance
should be discussed in a finance class,
Separate courses could bring
ethical issues out of context, Miller
"Having a separate course in ethics
is a way to disengage, if you will,
ethics from the major issues and con-
cerns," he said.
However, Prof. LaRue Hosmer,
who teaches a class in busines spolicy
and control said there should be a
separate class on ethics.
Study calls for ethics courses
That class, he said, should be
required of all business school studen-
ts. However, he added that it should
not be taken for credit or grades.
However, Hosmer is not optimistic
about a separate ethics course.
"I think ethics should be included
(in the curriculum), but the same
token people have said that for 35
years," Hosmer said. "I don't think it
will become a separate class."
Despite the disagreement, the topic
of business ethics will probably con-
tinue to be an prominent issue.
'Because you never
get a second chance...
to make a
first impression. "
COMPLETE RESUME SERVICE
M.A. CAREER COUNSELING
JANET B. ROBINSON
321 South Main
450 S. Main
Like a good neighbor,
State Farm is there.
" Permannt CeteVI
wekns N Tp8i'S. ites
* ee Morsand edicted
for free campus use
(Continued from Page 1)
have hurt the project.
"Many people found these political
aspects threatening, and took it out on
the bikes," Boyd said.
But for some of the project's new
members who met at the Union
yesterday, the politics of the project
had some appeal.
"It's total anarchy, and I love it,"
said Jodie McCann, an engineering
"I saw the erorcism on the Diag last
year and it changed my life," said
Adam Yaffe, an R.C. sophomore.
"Some of the bikes were
sabotaged. Others were taken home,"
said Faber. "But everyone I saw
riding one last year had a huge smile
on their face."
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The International Center is sponsoring a lecture, "Overseas Study:
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MTF - The Night of the Comet, 7:30 and 9:30 p.m., Michigan Theatre.
Studies in Religion - Harvey Cox, "Jesus & the Moral Life," 8-10 p.m.,
Sch. of Bus. Admin. - Geo Peapples, "Strategic Planning," 4:15 p.m.,
Hale Aud.; John Capuano, "Reviewing for the CPA Exam," 4:15 p.m.,
Wolverine Rm., Assembly Hall.
New Jewish Agenda - Israel Shahak, "Kahane and the Threat to
Israeli Democracy," 7:30 p.m., Kuenzel Rm., Union.
Near East & N. African Studies - Brown Bag lecture, Peter Grose,
"Reflections on the Middle East," noon, Lane Hall Commons Rm.
Thomas Spencer Jerome Lecs. - Emilio Gabba, "Sulla & the Dictator-
ship: Montesquieu, Ferguson, & Adames," 4 p.m., W. Conf. Rm.,
Arch. & Urban Planning - Gunnar Bikerts, "The Virtue of In-
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UAC - Viewpoint Lectures, Congressman David Bonier, "The Viet-
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Soc. for Creative Anachronism - 7 p.m ., East Quad.
Soc. for creative Anachronism -7 p.m., East Quad.
Pirgim - Mass Meeting, 8 p.m., Henderson Rm., League.
U of M Student Struggle for Soviet Jewry - 6:30 p.m., Pond Rm.,
Arch. & Urban Planning - Exhibit, "Pioneering Women Architects
from Finland," 9 a.m.-5 p.m., Art and Arch. Building.
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