Word: capitalisme
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Many experts, like Senior Editor George Church, are drawn to their disciplines irresistibly by the forces of supply and demand. "The reason I began reporting business," Church admits, "was that I heard the Wall Street Journal was hiring people with no experience." Thus in 1954, Church began his apprenticeship on...
The story involved the type of heuristic thinking Church enjoys most. How, for example, have capitalist societies drifted into what Smith would have regarded as an unnatural combination: inflation in the midst of recession? Has Smith's "invisible hand" of supply and demand lost its grip? To find the...
Like the American nation, the economic system known as capitalism is nearing a bicentennial: the 200th anniversary of the publication, in 1776, of the Scottish philosopher Adam Smith's classic work, The Wealth of Nations. In its 1,097 pages, the world found the first full description of a free...
Bringing it down faster might well require surges in demand that would kick up a new, probably more devastating inflation. There is a gnawing fear that capitalism has no way to cure inflation except deep recession, and that any concerted attempt to lift an economy rapidly out of recession will...
Inflationary recession is only the most imminent danger; there are longerrange, subtler perils too. Within many a capitalist country, the free market is being steadily hemmed in by the power of omnipresent government regulators, mass unions and giant corporations. Meanwhile, many intellectuals?and young people?contend that capitalism at best...