Word: 1970s
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Dates: during 1970-1979
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These are dicey times for shipowners who play that gambler's game called tankers. As a result of the slowdown in the growth of petroleum consumption and some reckless overbuilding by shipyards in the early 1970s, the tanker business is in the worst depression in memory. Fully 10% of the world fleet sits idle for lack of cargo...
Even at its zenith in the early 1970s, the Baader-Meinhof gang never numbered more than about 25. Yet they frightened West Germany into a state of paranoia. Financing operations through frequent bank robberies, the gang set up bomb factories and, through their contacts with international terrorist groups, bought arsenals of weapons and ammunition. Suitably armed, the German terrorists embarked on a killing and bombing spree. They vented their rage on "consumer capitalism" by placing bombs in Frankfurt department stores. They struck at the hated Ami (unflattering German slang for "American") by setting bombs in U.S. Army headquarters in Heidelberg...
...That question has been nagging many businessmen and policymakers who are concerned and puzzled about the persistence of relatively high inflation at a time of expanding employment and steady recovery. One man who thinks he has the answer is Dale Jorgenson, a Harvard economist whose thinking about the mid-1970s American economy is attracting increasing attention...
What is more, sociobiology may have appeared at the right cultural moment. The 1970s have brought with them growing impatience and disillusionment over failed educational and environmental experiments designed to alter social behavior. The concept of social theorists that man is infinitely malleable and perfectible has fallen into disfavor. At such a time the emergence of a doctrine preaching that man is caught in history, able to exercise free will only within the limits set by his genes, may do very well indeed...
...this is the main psychological factor behind the rising investment." Profit margins of U.S. corporations are now almost twice those of European firms, partly because productivity is higher. The U.S. has become something of a cheap-labor market in comparison with its European trading partners. Until the early 1970s, European labor was less costly than American. But all that has since changed. Washington devalued the overpriced dollar, inflation gathered momentum in Europe, and powerful European labor unions began winning not only higher wages but all sorts of other benefits...