Word: boom
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Dates: during 1960-1969
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Truth & Consequences. Keynes was born the year Marx died (1883) and died in the first full year of capitalism's lengthy postwar boom (1946). The son of a noted Cambridge political economist, he whizzed through Eton and Cambridge, then entered the civil service. He got his lowest mark in economics. "The examiners," he later remarked, "presumably knew less than I did." He entered the India Office, soon after became a Cambridge don. Later, he was the British Treasury's representative to the Versailles Conference, and saw that it settled nothing but the inevitability of another disaster. He resigned in protest...
Permanent Quasi-Boom. Keynes perceived that the prime goal of any economy was to achieve "full employment." By that, he meant full employment of materials and machines as well as of men. Before Keynes, classical economists had presumed that the economy was naturally regulated by what Adam Smith had called the "invisible hand," which brought all forces into balance and used them fully. Smith argued, for example, that if wages rose too fast, employers would lay off so many workers that wages would fall until they reached the point at which employers would start rehiring. French Economist Jean Baptiste...
More Remarkable. The sudden merger and sales activity is the more remarkable because only two years ago Montecatini was in deep trouble. The company, whose products range from aluminum to antibiotics, expanded too rapidly during Il Boom, found itself strapped by ambitious commitments, soaring wages and increased building costs when Il Sboom-the recession-hit Italy. Unable to obtain a needed $72 million loan in a shrinking capital market, Faina skipped a dividend for only the second time in 18 years, looked around for other relief. He found it in a partnership under which the Royal Dutch/Shell Group...
...banking community and fiscally conservative businessmen (see U.S. BUSINESS). Moreover, if the board's tighter money policy causes the economy to dip too sharply, Johnson can rightfully argue that he opposed the discount boost all along. On the other hand, if the 58-month-long economic boom continues unabated, as most economists expect it to, Johnson-not the board-will get the credit...
...Cape is a boom town. It is surrounded by a string of airplane-factory plants, then, further away by brand-new bars and motels. The bars and motels all have the same names--the Polaris, the Satellite, and so on--all changing, no doubt, as missiles become obsolete...