Word: growth
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Dates: during 1960-1969
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...days in September and October, rain fell steadily on Tunisia, leaving 600 people dead, destroying 70,000 homes, and making refugees of 300,000 of the nation's 4,500,000 people. Touring the country last week, TIME Correspondent William Rademaekers reported that the floods have set economic growth back five years...
...additive explosion was triggered by three unrelated developments. First came the growth of a food-processing and -packaging industry that involved shipping foodstuffs thousands of miles and storing them for months. That was followed by a growing demand for health-promoting, and especially nonfattening foods. Then came the popularity of prefabricated, quick-service dishes and meals such as TV dinners. In assembling their products, manufacturers and processors have relied in some cases on nature's chemicals; in others, they have synthesized a chemically identical version of a natural product; in yet others, they have turned to new products unknown...
...Friedman's monetarist view of economics, the chief instrument for controlling movements of the economy is the seven-man Federal Reserve Board. For months, the board has been following a tight-money policy of unusual severity. A year ago, it began to hold back the growth of the money supply; since midyear, it has permitted no growth at all. Ironically, Friedman's principal complaint is that the Federal Reserve is overdoing the restraints in its effort to cure inflation. "If the board continues to keep the growth of money at zero for another two months, I find it hard...
Because money is so potent, he contends that the board should allow the supply to expand at a fairly constant rate of about 5% a year, in line with the long-term growth rate of the nation's production of goods and services. Last week the Federal Reserve issued some statistics that led even a few experts to conclude prematurely that it had begun to ease its tight-money policy. In reality, the board has done no such thing. It has merely followed its usual policy of permitting a slight seasonal rise to accommodate businessmen's heavy pre-Christmas buying...
...other side of the coin is that if Nixon pushes anti-inflationary policies too long or too hard, the result could indeed be what most economists define as a recession: at least two successive three-month periods of no real growth in the total economy, a condition that is almost sure to bring about a substantial jump in unemployment. At present, the nation might find such an experience particularly troublesome. A recession could aggravate social unrest. The jobless rates among blacks normally run twice as high as those common whites; among blacks under 25 years old, they often reach five...