Word: capitalisme
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Yet Smith devoted many of his meditations to just such questions, with startling results. He spent at least ten years writing a book that friends despaired of his ever finishing. Smith described himself as an agonizingly slow workman "who do and undo everything I write at least half a dozen...
(6 of 17) commented dryly: "An angry god may have endowed capitalism with inherent contradictions. But at least as an afterthought he was kind enough to make social reform surprisingly consistent with improved operation of the system."
Ten years ago?at least in the U.S., Canada, Western Europe and Japan ?this modern capitalism seemed to be on the verge of producing the permanently affluent society. Keynesian policies had kept recessions brief, mild and infrequent; the end of World War II opened the longest period of sustained...
Through the 1960s, these were considered antithetical problems: inflation was a phenomenon that accompanied booms, and recession was so much its opposite that it was often called "deflation." Today, inflation and recession have become overlapping phases of a cycle?to which economists have given such cacophonous names as "stagflation," "slumpflation...
(7 of 17) is that business managers, too, are free to misjudge the market, make unwise investments and speculate foolishly. As socialists correctly note, recession is capitalism's way of flushing unwanted products and mismanaged companies out of the system. If automakers, for example, bring out cars that motorists dislike...