Word: economists
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Dates: during 1980-1989
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...that the U.S. economy is wheezing at the moment. Industrial production, which grew slowly last year, began to shrink in the second quarter of 1986 (see chart). One main cause of the malaise seems to be companies' reluctance to invest in new plants and equipment. Says Stephen Roach, an economist with the Morgan Stanley investment firm: "Capital spending is in the worst shape for any postwar expansion period." Roach projects that capital investment for all of 1986 will fall by 4.5%, compared with last year. Says he: "Every time such a contraction has taken place, the economy has been either...
Capitalism's promise, by contrast, is the creation of a more robust economic life, and the record of delivery is good. "Private enterprise is now the universal belief," says Bernardo Villegas, chief economist for the Center for Research and Communication in the Philippines. Leaders in Africa, Asia and Latin America are increasingly turning to free markets to develop impoverished economies and catch up with the rest of the world...
...they could as easily shift back. The change could take place especially if the world economy turns down sharply or private-enterprise reforms do not pay off as quickly as promised. "While there does not appear to be any indication of a reversal in the shift toward capitalism," says Economist Alan Greenspan, "it would be a mistake to presume that the change is irreversible...
East and West Germany were ensnarled last week in the kind of case that makes the two countries the spy center of Europe. The main character was Herbert Meissner, 59, a leading East German economist, who was discovered shoplifting a bathroom fixture in West Berlin. After requesting to speak with West German federal intelligence service officials, Meissner signed statements declaring that he had been spying for East Berlin since 1978, and sought to defect to the West on his own free will...
...economist then disappeared and was not heard from again until East German television broadcast an interview with him from the East German mission in Bonn. On the air, Meissner claimed he had been drugged by West German policemen before making the earlier statements. Bonn promptly rejected Meissner's story as "fully absurd" and refused to allow the would-be redefector to leave the country. Stay tuned...