Word: capitalisme
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Moscow's new media celebrity is Joseph Mauri, 58, of New York City, who has become something of a regular on Vremya (Time) during his expense-paid tour of the Soviet Union. Muscovites first saw him last April as the star of The Man from Fifth Avenue, a 90-minute...
Over the years, a unique bargain has been struck between Hungarians and their leaders. In return for conceding Soviet domination of their country, Hungary has been granted special license to dabble in free markets and private initiative. Dubbed "goulash Communism," Hungary's balancing act between socialism and capitalism is Janos...
American businesses a decade ago did not operate in China. Now scores do. But reports that the Chinese are embracing capitalism is erroneous. Problems stem not only from the seemingly insurmountable obstacles caused by the infrastructure in China, but also from constant rule changes, controls and contract breaking.
On the opposite side of the South China Sea, Deng Xiaoping is pursuing his own second revolution in which ideological distinctions between capitalism and socialism take second place to results. As Deng has said, "It doesn't matter whether the cat is black or white, it is a good cat...
Just as nations have swung in recent years from state intervention to free enterprise, they could as easily shift back. The change could take place especially if the world economy turns down sharply or private-enterprise reforms do not pay off as quickly as promised. "While there does not appear...