Word: effective
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Dates: during 1960-1969
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...from 5½% to 6%. The increase, second in four months, brought the rate to its highest level since the 1929 crash. To make money more scarce as well as more costly, the board also increased the amount of cash that banks are required to keep in reserve. In effect, the board "froze" some $650 million in lendable funds, which translates into a withdrawal of more than $2 billion in credit from the economy...
...influential. That has changed radically. What Dwight Eisenhower called the military-industrial complex* constitutes an enormous power bloc that now embraces manufacturers, organized labor, local business interests, many scientists and nonprofit organizations that get defense contracts (see box opposite). Yet it is difficult to show a precise cause-and-effect relationship between the defense complex and the generation of a specific conflict...
Generally, the effect of the M-I complex is to foster heavy defense spending and impede cutbacks, even in an inflationary period. Not at all by coincidence, the legislators who have the most to say about military spending-the chairmen of the Senate and House Armed Services and Appropriations Committees-have been blessed over the years with substantial military business in their states and districts. Congressman George Mahon (House Appropriations) can point to the fact that Texas gets more business from the military than any other state except California (which gets $6.6 billion a year). South Carolina's Mendel...
...their bluntest ideological attack yet in the 9½-year-old Sino-Soviet dispute, the Russians finally gave up all pretense of trying to effect a reconciliation with their Asian comrades. They have now brusquely read them out of the international brotherhood. "The Communist Party of China is no more," wrote Izvestia. "The Maoist rally is actually the first congress of a new organization which has nothing in common with the Communist Party of China or with international Communism...
Although the bid for a "Coop Coup" fell short because it failed to draw a quorum of current Coop members to the annual meeting on October 23, the fact that a thousand members turned out to vote has had a positive effect on the directors. Milton P. Brown '40, Lincoln Filene Professor of Retailing and current Coop president, sees a definite cause-and-effect relationship between the "yeasting" the took place last fall and the new awareness of the board...