Word: balogh
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Dates: during 1960-1969
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...ECONOMICS OF POVERTY by Thomas Balogh. 381 pages. Macmillan...
...England's most controversial economist," as the dust jacket correctly bills Thomas Balogh, believes that the world is a ticking time bomb. Rich nations are getting richer while poor nations are getting poorer-and unless the trend is radically reversed, warns the author, all the colored races will embrace Chinese-style totalitarianism. His thesis is well-worn and his stark pessimism is questionable, but the problem of widening inequalities is all too real and urgent...
...Balogh's book does not make comfortable reading-his style is both windy and wooden, his ideas are immoderate. Yet it is an important book because Balogh, 61, is no Peiping Tom but one of the non-Communist world's top doctors to underdeveloped lands. He is, or has been, a consultant to India, Ghana, Algeria and half a dozen other governments and U.N. agencies. Moreover, he is a Cabinet adviser to his longtime friend and neighbor, Harold Wilson. He has engineered many of the tough tax programs and convoluted controls in Britain-where Budapest-born Balogh...
Power to the State. The book, a compendium of secret memos to Premiers and public articles by Balogh over the past dozen years, hammers at one main point: underdeveloped countries must rapidly industrialize by "conscious planning and state intervention." Balogh frowns on most private foreign investment and advises underdeveloped countries against all "unnecessary investments," such as money spent for the production of more than one basic kind of auto. Though he is a Fabian Socialist, he urges the underdeveloped to be tough with their labor: discourage trade unions and minimum wage laws, he suggests, because they increase production costs...
Wilson's two most influential and eminent economic advisers would have no official role in his government. Nicholas Kaldor, 55, and Thomas Balogh, 57, are both Hungarian-born and are known as "those evil Hungarians," nicknamed respectively "Buda" and "Pest." Balogh, a mercurial left-wing Oxford economist, near neighbor of Wilson in suburban Hampstead, has long been the dominant influence in his economic thinking. As a quid pro quo for restrictions on wage raises, Buda and Pest have convinced Wilson that he needs control over corporate profits and dividends and a tax on capital. Officially, Labor intends only...