Word: liquored
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Dates: during 1960-1969
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...agreed that Janssen, 37, has a substance of his own. "He distills from tradition," said Süddeutsche Zeitung. He also distills from experience. The illegitimate son of a seamstress, Janssen spent his adolescence in an SS training academy, became an alcoholic by the age of 22, ran a liquor parlor hard by Hamburg's reeking Reeperbahn, served seven months in jail in 1951-52 for stabbing his fiancée in the abdomen in a fit of jealous rage...
...received the sustained professional attention of economists concerned with the structure of markets, the organization of business enterprise, and the incentives toward collusion or price-cutting. Racketeering and the provision of illegal goods (like gambling) have been conspicuously neglected by economists. There exists, for example, no analysis of the liquor industry under prohibition that begins to compare with the best available studies of the aluminum or steel industries, air transport, milk distribution or public-utility pricing...
...accounts, does not. In the upper-world automobile manufacture is characterized by large firms, machine tool production is not; collusive price-fixing occurs in the electrical-machinery industry but not in the distribution of fruits and vegetables; retail-price maintenance can be legally enforced in the branded-liquor industry but not in the market for new cars. The reasons may not be entirely understood but they are amenable to study. The same should not be impossible for illegal gambling, extortion, abortion, and contraband cigarettes...
...important questions is what happens when a forbidden industry is subjected to legitimate competition. We need more study of this matter. Legalized gambling is a good example. What has happened to Las Vegas is hardly reassuring. But the legalization of liquor in the early 1930's swamped the criminal liquor industry with competition. Criminals are alleged to have moved into church bingo, but they have never got much of a hold on the stockmarket. What happens when a forbidden industry is legitimized needs careful analysis; evidently criminals cannot always survive competition, evidently sometimes they can. A better understanding of market...
...good economic history of prohibition in the 1920's has never been attempted, so far as I know. By all accounts, though, prohibition was a mistake. It merely turned the liquor industry over to organized crime. In the end we gave up, probably because not everybody agreed that drinking was bad, or if it was bad, that it was anybody's political business, but also because the attempt was an evident failure and an exceedingly costly one in its social by-products. It may have put underworld business in the United States in what economic developers call the "take...