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...American nation, the economic system known as capitalism is nearing a bicentennial: the 200th anniversary of the publication, in 1776, of the Scottish philosopher Adam Smith's classic work, The Wealth of Nations. In its 1,097 pages, the world found the first full description of a free economy???one in which, Smith prophesied, the drives of millions of people for personal profit, colliding against each other in an unfettered market, would produce "universal opulence which extends itself to the lowest ranks of the people." His book rapidly became a capitalist declaration of independence from the remaining shackles of feudalism...

Author: /time Magazine | Title: Can Capitalism Survive? | 7/14/1975 | See Source »

...first, Connally went along with the Shultz conclusions; then he started boning up on reports dealing with the nation's economic miseries. Urged on by two deputies?Paul Volcker, an expert in international monetary affairs, and Murray Weidenbaum, a specialist in the domestic economy???Connally soon found himself studying a package of proposals that contained the basic ingredients of the New Economic Policy. Early in July, Connally asked his staff for weekly memos on anything that was on their minds. "I wanted their opinions on where we are," he recalls, "on the President, the Congress, the economy, what should...

Author: /time Magazine | Title: The Economy: Nixon's Grand Design for Recovery | 8/30/1971 | See Source »

...that Peking might cut off. Yet China remains influential because of its current and past help to Hanoi in the war. China watchers are increasingly convinced that Peking's leaders are tired of this drain on their time, money and materiel and are eager to concentrate on building their economy???and confronting some 400,000 Soviet troops poised near their borders. Moreover, they no longer fear that the U.S. will emerge from the war in any position that would seriously embarrass the Communist forces...

Author: /time Magazine | Title: The Nation: Nixon's Coup: To Peking for Peace | 7/26/1971 | See Source »

Actually, both the Canadian and British boards had some success. The main lesson of foreign experience is that governments often undermine their own incomes policies by pouring too much money into the economy???but that incomes policy combined with moderate-to-strict fiscal and monetary policies can have an influence. The O.E.C.D. recently concluded that incomes policies usually help restrain inflation for a year or two. That might be just what the U.S. needs to get through the difficult transition period when excess demand no longer exists but the wage-price spiral is whirling...

Author: /time Magazine | Title: Business: Inflation's Stubborn Resistance | 12/14/1970 | See Source »

Terrorist Raids. The combination of fading zeal and falling economy???although neither has yet reached alarming proportions?was bound to produce discontent. It also produced the beginnings of disillusionment. Last year, 11,000 Jews pulled up stakes and moved away from Israel?almost as many as came into the country. Some of them were dispirited by the steadily increasing level of terrorist raids across Israel's borders. A disturbingly high proportion of the departing emigrants was the professional men, managers and technicians who had engineered the Israeli economic miracle. In some cases, they returned to the countries of their birth...

Author: /time Magazine | Title: Israel: A Nation Under Siege | 6/9/1967 | See Source »

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