Word: free-market
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Such intervention went against the Administration's free-market philosophy, but regulators feared the stability of the entire financial system was in jeopardy. Said one top Federal Reserve official: "We did not know what would happen if we didn't rescue Continental. We could not take the risk." When Continental's fate was in doubt, the jitters affected even solid institutions. Manufacturers Hanover, for example, watched its stock price drop by nearly 11% in one day because of an unfounded rumor that it was in trouble...
...gathered behind closed doors for seven days during what was officially known as the Third Plenum of the Twelfth Central Committee, Chinese leaders released a 16,000-word resolution outlining a complex package of new economic reforms. The program consolidated Deng's five-year attempt to promote a free-market system in the countryside. More important, the new scheme extended those reforms to the long-stagnant cities, thereby promising the "invigoration" of notoriously sluggish industries and offering 200 million urban workers a chance to catch up with some of the 800 million peasants who have been enjoying the fruits...
...forces. The government is hoping that a rise in demand will prompt an increase in supply, so that prices that rise sharply at first will eventually be brought down again. Nonetheless, many Chinese fear that their bureaucrats, however liberal-minded, lack the experience to handle the subtleties of the free-market system. Deng has warned his countrymen that for all the success of his agrarian reforms, "urban reforms need greater courage...
...another University of Chicago product who is given a good shot at the high court is Richard Posner, a professor at the law school whom Reagan put on the Federal Court of Appeals in Chicago. Posner, 45, a believer in free-market forces, would eliminate the exclusionary rule on the ground that barring evidence in criminal trials is economically inefficient, regardless of whether it was obtained illegally...
...cattle breeding. The Seed brothers' Chicago firm, Fertility and Genetics Research Inc., invested $500,000 in Buster's UCLA project, and they have applied for a patent on the process. Despite criticism of this arrangement by a number of doctors, Richard Seed declares, "This is a typical free-market activity. We have investors expecting to obtain a return on their money...