Word: capitalistically
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Among many educated young people in capitalist countries, Maoist China is popular because its communes have created the world's closest approach to true income equality, though at the price of numbing regimentation. The only way to reach total economic equality is at the expense of freedom (see TIME ESSAY), but the U.S. has more inequality than seems necessary for a dynamic economy. Any attempt even to reduce significantly the gap between income classes raises the unanswerable question of just how much inequality is necessary to provide incentive. A significant effort to redistribute income would provoke fierce resistance from politically...
Much of the demand for greater equality is really a protest against the injustices that a capitalist society could perfectly well remedy?while remaining capitalist. The greatest need is to improve the lot of the poor, and for that purpose nothing can replace a resumption of noninflationary growth. But special help, more than they get now, will be needed by the underclass of citizens who cannot find a secure place in the market economy: reservation Indians and welfare mothers, among others. For them, society should provide some form of guaranteed income, an idea endorsed in the past by such conservatives...
Largely because the colonial powers were capitalist, many peoples of the Third World harbor bitter resentments against capitalism and have chosen socialism for their economies. In quite a few cases, this has retarded their development. For example, Daniel P. Moynihan, former U.S. Ambassador to India, points out that in 1947, the year of its independence, socialist-leaning India produced 1.2 million tons of steel, or slightly more than Japan. In 1973, capitalist Japan poured 119 million tons of steel?or more than 17 times India...
...Today's capitalist economies undoubtedly benefit from powerful corporations. The sheer size of modern economies and the vast number of skills that must be marshaled to design and produce such products as color-TV sets and computers?to say nothing of space rockets?make any yearning for Adam Smith's world of individual entrepreneurs an exercise in pointless nostalgia...
...foil national economic objectives by shifting their operations around from nation to nation. For example, multinationals poured considerable money into Germany, and hurt that country's efforts to battle inflation by holding down the money supply. Many executives of multinational corporations would welcome an international code of conduct. Capitalist countries would help their economies operate more smoothly if they agreed to treaties harmonizing the tax, pollution and accounting standards that multinational corporations must meet...