Word: capitalists
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...Gomulka, Soviet-bloc countries have made a determined effort to improve the material standard of living of their people. Encouraged by diplomatic détente, they have developed a voracious appetite for Western products, buying everything from consumer goods to entire factories. One result: the economic woes of the capitalist world, to which Communist planners initially thought they would be immune, by last year made themselves felt on the other side of the Iron Curtain. Inflation sharply raised the prices of the Western goods that the Communists buy, while the 1974-75 recession dried up what few Western markets...
...Capitalist Partners. The effort to boost exports has pushed some Communist nations into a further affront to ideology: inviting capitalists in as partners to make their industries more efficient. In Hungary, for example, Corning Glass Works of the U.S. owns 49% of a Hungarian company that will produce blood gas analyzers and Sweden's Volvo has a minority share in a vehicle-production plant...
Surprisingly, some of the rare conciliatory remarks at the conference were made by Viet Nam's Pham Van Dong -and directed toward the U.S. Dong said that his country wanted to develop normal diplomatic relations with Washington, as well as economic ties with the capitalist West. Said he to TIME'S David Aikman: "At present we see no sign of change in the situation [with the U.S.], but I think there will be an improvement in the future...
...capitalist economy, profit is, above all, the motivator...
...into public benefits. A century later, Karl Marx was not so sure. Arguing the opposite view, he asserted that labor, not capital, was the essential ingredient that added value to goods or raw materials in the manufacturing process. Thus, in his view, profit was the "surplus value" that the capitalist unjustifiably tacked on to the real worth of the product. In the early part of the century, Bernard Shaw and his fellow Fabians contended that profits should be taxed into oblivion in order to create a new, socialist order. They believed that the profitless economy would function more effectively...