Word: capitalistically
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Externally, the advanced capitalist societies confront a preindustrial world full of suspicion of "economic imperialism" and eager
...that the crisis would hit so soon, simply because it was hard indeed to foresee the explosive political events that triggered it: the 1973 Middle East war and the subsequent rallying of the Arabs behind the oil boycott. But the fact remains that the market's price signals gave capitalist industry the wrong guidance on energy use, conservation and development. One reason is that while the market is an excellent short-term indicator of supply and demand, it does not purport to do well at forecasting the longer term...
...order to cope with the inadequacies of the market, a rising number of experts urge capitalist governments to adopt some form of economic planning. But a grave problem is that command planning, in which government bureaucrats decide how much and just what goods are to be produced, is the antithesis of capitalism. Western European nations are even disillusioned with their persuasion-and-incentive plans of the 1960s, which also generally failed to anticipate the economic crises of the 1970s. Yet more and more people in the U.S. seem attracted to the idea of setting up a federal body that would...
Nobody is smart enough to predict correctly all, or even most of the time, but it could be that a group of expert forecasters would give the capitalist economy valuable early warnings and prevent some unpleasant surprises. The deeper question is whether policy should be guided by the predictions of a national planning body or by the forecasts of tens of thousands of entrepreneurs and corporate managers in a free market. The planners, their supporters say, would consult with businessmen. Moreover they would merely aim to identify the industries that should expand fast in order to avert shortages, and determine...
...there is no escaping the fact that leaders of capitalist economies must use every available resource to figure out the amounts of vital commodities that their industries will need to sustain strong growth. They will have to calculate where the supplies are likely to come from, what exploration, research and development investments will be required to produce them, what conservation steps and recycling programs may be necessary to stretch supplies, and what materials might be used as substitutes in a pinch. The tough question: Just who is to decide...