Word: glut
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Dates: during 1970-1979
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...posts in physics. Meantime, graduate schools are turning out 300 new Ph.D.s in physics each year. To some extent, overproduction is inevitable. The postwar "baby boom" that helped send college enrollments soaring in the middle '60s is now working its way through the graduate schools. Much of the glut can also be blamed on the academic pecking order. As bachelor's and master's degrees became more common, academics insisted that doctorates were essential for college teaching, and as degree inflation mounted, dozens of small colleges yearned to become "universities" by taking on expensive graduate programs...
Last week, as moneymen from 50 countries gathered at the Bank for International Settlements in Basel, Switzerland, B.I.S. Chairman Jelle Zijlstra warned in unusually strong language that, by causing a world glut of dollars, the huge U.S. deficits "form the monetary breeding ground for a continuing international inflationary process." If worldwide inflation continues too long, he said, worldwide recession is "inescapable." The B.I.S. annual report added that it is "hard to discern how the U.S. authorities expect, by their own actions, to correct the balance of payments...
...bill. Last year the Shah demanded slightly more than $1 billion in revenues. To meet that goal, the European-American consortium that brings out more than 90% of the nation's oil increased production by 14.8% to well over 1 billion bbl. a year. But with the glut in world markets, the consortium could sell only enough to raise $930 million and had to make up the difference with an advance payment of $80 million. Recently the nine companies involved agreed to the government's latest demand for $1.155 billion in 1970 oil receipts; this will probably require...
There have been ample warnings of impending collapse in recent years. Mail service in Chicago broke down during the 1963 Christmas season. Three years later, the Chicago post office simply ground to a halt for nearly three weeks under a glut of 10 million letters and packages. Even first-class letters can take several days to travel a few miles-or even blocks-whereas overnight service used to be taken for granted. Last July, a rash of sick calls at one post office in The Bronx produced what was, in effect, a strike...
Burger also scored the nearly total lack of worthwhile vocational training in American prisons. "It is no help to prisoners," he said, "to learn to be pants pressers if pants pressers are a glut on the labor market." His two basic solutions: breaking down large institutions into smaller units that separate first offenders and teen-agers from older repeaters, and eliminating popular prejudices against ex-prisoners...