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...second cause of the severe 1973 inflation was the devaluation of the dollar. This event had its roots in the late 1940s, when the capitalist economies of West Europe and Japan were in ruins. In order to ensure that these countries remained pro-U.S. and non-Communist, the Government gave them financial aid, while assuming much of the cost of their military establishments. As a result, Western Europe and Japan had the resources to invest in modern plants which produced goods at low cost. After 1958, this foreign competition invaded markets at home and abroad and the U.S. began...

Author: By Lee Penn, | Title: Prices, Wages and Woes | 2/6/1974 | See Source »

...conspired to contrive it to raise prices and profits. In a time of high demand, they have been charging as much for their products as the law allows -but no more. Their behavior in attempting to maximize their profits is absolutely consistent with the purpose of corporations in a capitalist society: to make money for shareholders, millions of whom are middle-income people...

Author: /time Magazine | Title: POLICY: Oil Profits Under Fire | 2/4/1974 | See Source »

...Western music lovers, Beethoven may have written "the most sublime noise that has ever penetrated into the ear of man," as Novelist E.M. Forster felicitously phrased it. But to China's propagandists, Beethoven, along with Schubert and Mozart, was just tinkling out a tune on that dreary old capitalist cash register. "There are some people who to this day are still uncritically introducing these things to our youth," huffed Peking's People's Daily last week. "If we go on like this, where will our young people...

Author: /time Magazine | Title: CHINA: Take That, Ludwig | 1/28/1974 | See Source »

Apparently alarmed by the enthusiastic response given three visiting orchestras from the West last year, the London Philharmonic, the Vienna Philharmonic and the Philadelphia Orchestra, Peking has launched an attack on the decadent composers who are the mainstay of the classical repertory. Beethoven, said the newspaper, was a "German capitalist," while Schubert's gloom resulted from his oppression by Austria's feudal rulers. If he had been a good Marxist, Schubert would of course have finished the "Unfinished" Symphony. Mozart is scarcely worth considering. Nothing he ever wrote compares with The White-Haired Girl, the propaganda-laden Chinese...

Author: /time Magazine | Title: CHINA: Take That, Ludwig | 1/28/1974 | See Source »

...Name five capitalist oriented ball players...

Author: By James Cramer, | Title: The Second Annual Crimson Cube Sports Quiz | 1/24/1974 | See Source »

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