Word: gresham
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Dates: during 1970-1979
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Thus the administration of the foreign aid program was left just as it was: beset and beleaguered, and known largely for its failures. Those failures are well publicized: some ill-advised projects and scattered cases of misuse of funds by corrupt recipients. In an odd Gresham's Law, the bad news about foreign aid seems to drive out the good-and there is a lot of good news. Foreign aid has contributed to the rise of a series of economically free and prosperous "ADCS," or advanced developing countries, including South Korea, Singapore, Taiwan, Malaysia and Thailand. U.S. assistance...
...PRACTICE. According to Sidney Roberts, a New York tax lawyer, there is a "Gresham's law of tax practice" in which daring practitioners drive out the more conservative ones. The reason is obvious: clients want to pay as little as possible to the tax collector without actually breaking the law. Although most lawyers deny it, some firms charge clients a percentage of taxes saved. Boston's Hale and Dorr, having saved a client $4.5 million in taxes, submitted a bill for $760,000 for 2,000 hours' work ?a cool $380 an hour. A court upheld the bill...
...vice: a Harvard football player was fatally stabbed, an exotic dancer was strangled, and a brisk trade in guns sprang up. Looking for ways to curb the rough stuff without closing the zone down, the Boston Redevelopment Authority (BRA) has devised a strategy based on a reversal of Gresham's law: a theory that good will drive out bad. The planners have announced a ten-year building program designed to ring the zone with respectability. Just west of it will rise a $300 million park plaza with shops, hotels and apartments. On the south will be an expansion...
...million-exactly the same as its upstart rival Penthouse. (Hustler and Playboy's naughtier younger brother Oui are the other two top sellers.) Since with age and success Playboy has become the most "conservative" of the sex magazines, some might argue that its newsstand decline only proves Gresham's law. But this morality play isn't all that simple. It has more to do with society's shifting sexual standards and who is more adept at exploiting them. In this, Penthouse Publisher Bob Guccione, a canny tortoise, has at least drawn even with the Bunnies...
...American Indians are winning some battles with the white man these days, and while at first glance that might seem only a just historical retribution, the rule of law is suffering in the process. The latest incident took place last week near Gresham, Wis. There the nearly two-month-old occupation of a 64-room, 237-acre Catholic novitiate by a band of Menominee Indians ended with an agreement by its owner, the Alexian Brothers Order, to yield its property to the Indians...