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Total decontrol would not necessarily bring an immediate leap in prices. Major oil companies that have large stocks of cheap domestic oil might well hold down prices temporarily in order to gain a competitive advantage over independents, such as Ashland and Amerada Hess, which must import expensive foreign oil. (The independents would suffer another penalty: the allocation program that forces the majors to share some domestic oil with them would expire along with the controls.) A delay in price boosts would be especially likely if Congress votes to tax away most of the "windfall" profits that oil companies would reap...
...same period this year, inflation has been more than halved (to an annual rate of 10%), and the lira is holding steady. The main reason: tough measures dictated by Carli, including a tight credit policy (interest rates up to 20%), higher taxes and fuel prices, and temporary import restrictions...
...slump in world trade, unprecedented since the 1930s, which has created the worst industrial depression since the '30s. I shall certainly be discussing this with President Ford when we meet together in Helsinki next week. As a big trading nation, we have set ourselves very strongly against physical import controls. But we are not going to sit back and watch a remorseless increase in British unemployment. If the slump doesn't begin to improve quickly, we obviously reserve our rights to protect our balance of payments by various means...
...particular import of all this for Crooks is the way it affects the Summer School, which, being like Crooks on the edge of things here, is less than sacred to financially pinched administrators. So Crooks is worried--worried that in pulling back to essentials Harvard will leave the Summer School behind, that it will "exploit" summer students for high fees, that the nature of the Summer School will change substantially. "The central concern of the Faculty," says Crooks, who has just learned that Summer School enrollment had dropped nearly one quarter from last year, "is to pull into itself. That...
...More important, capitalism's superior productivity is not solely a matter of electric toothbrushes and throwaway soft-drink bottles: the system also does better at filling basic human needs like food. Farmers in the capitalist U.S., Canada and Australia grow enough not only to feed their own peoples but also to export huge surpluses. In contrast, the Soviet Union?although 30% of its workers labor on its vast farmlands?has to import food. So does India, which permits private farming but insists out of socialist principle that the produce be sold at unrealistically low prices...