Word: capitalist
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...course, money "makes the mare go," as L.B.J. used to say, and he piled up plenty of cash himself. So did millions of other people in the giddy inflation that took hold in the later Johnson years. In capitalist America, the accumulation of wealth has always been a well-respected endeavor, but now money-more and more money-dominates too much of the talk and the thought in the Capital...
...Banks and the stock market are still common sources of cash for expanding businesses. But a bank loan burdens an already cash-short entrepreneur with interest payments, and new issues of stock in small, young companies are not as easy to sell as they were in the 1960s. Venture capitalists fill the gap by buying an ownership stake in struggling companies. They will back just about any kind of business that shows a potential for making profits; Narragansett Capital Corp. of Providence, R.I., is now bankrolling ventures in cable television, soft-drink bottling and women's overcoats, while Cumberland...
...every big winner, though, there is a big loser-and a dozen iffy investments. Narragansett Capital, the nation's largest publicly owned S.B.I.C., has lost $1,081,000 bankrolling Sam Snead All American Golf, Inc. "A venture capitalist looks for a return of ten times his original investment," says Harlan Anderson, head of Anderson Investment Co. in New Canaan, Conn., "but you're lucky if you get that kind of return in one case out of ten, so it evens out." And some venture capitalists go bust along with the businesses they buy into; 400-odd S.B.I.C.s have...
Ironically, while they are becoming less popular in Western Europe, the U.S. multinationals are being courted by Eastern European nations who want new technology and capital. The Eastern Europeans, however, are careful to maintain barriers against foreign, capitalist dominance. Most favor partnerships that give the Eastern country access to modern technology and to investment, while the Western partner gains a supply of plentiful cheap labor...
...risen 50% just since 1970, to 750,000 deadweight tons, and shipbuilding has become the country's second largest earner of foreign currency, after coal. Polish shipbuilding has become one of the few Communist bloc industries ca pable of competing in the West on straight commercial terms. Capitalist nations last year bought almost $200 million worth of Polish ships, about half the country's exported production and one-third more than...