Word: laide
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Dates: during 1960-1969
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...foundations for Galbraith's current fame?or notoriety?were laid a decade ago with publication of The Affluent Society. Along with David Riesman's The Lonely Crowd, the book was one of the two most influential social critiques of the '50s, has been on reading lists at more than 100 American colleges, and in a dozen foreign languages?including Gujarati, Hindi and Tamil?continues to jangle 'cash registers around the world...
...earlier treatise on price control, Galbraith found himself Assistant Administrator of the Office of Price Administration?and price control czar of the entire country, with a staff that swiftly swelled from ten people to 16,000. It was a thankless, nearly impossible job, complicated by the guidelines laid down in his own treatise, which proved in practice to be "inapplicable in every detail." He quickly dumped it. In 1943, having irritated just about everyone by his zealous performance, he was dumped himself. A year on FORTUNE followed?he credits Henry Luce with teaching him to write?and then...
Died. Pitirim A. Sorokin, 79, eminent Russian-born sociologist and longtime (1931-1964) Harvard professor; in Winchester, Mass. Sorokin's theory of historical change, as laid down in his Social and Cultural Dynamics, centered on the distinction between "sensate" or materialistic values and "ideational" values based on faith and love. Western civilization, he felt, was far too sensate. Over the years, he wrote some 30 books (The Crisis of Our Age, Altruistic Love) aimed at curbing mankind's predatory, self-destructive instinct...
...many cases, such "inside" information reflects a broker's rationalization, a story confected for customers to account for a swing in paper profits. Or it follows a line laid down by overnight experts-financial writers required to fill columns of type with solemn economic logic to explain short-term market moves that may reflect neither economics nor logic. Too often, day-to-day stock gyrations obscure a basic fact: markets are made and moved over the long haul, not by vague forces but by the conscious decisions of men. The important question is not what makes stocks move...
...have slumps of their own. Litton Industries, a pioneer that chalked up an impressive round of sales and earnings records during fiscal 1967, has announced that its latest quarterly profits (for the three-month period ending Jan. 31) will be "substantially lower" than expected. Much of the blame was laid on management "deficiencies," and Litton said that the problem has now been corrected...