Word: market
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Dates: during 1970-1979
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...specialty of international monetary policy, Dornbusch opposes the efforts of the Federal Reserve and foreign central banks to prop the dollar's value by buying up billions on the international money exchanges. His preference: let the dollar float freely until it reaches its real market value. Dornbusch takes much the same hands-off attitude toward trade: the U.S. should not protect its industries from foreign competition, and, conversely, it should insist that its trading partners reciprocate. In a free global market, Americans would be forced to face up to the fact that either the nation controls its inflation...
...policy jiggering cannot outsmart human ingenuity, or, you can't fool all the people even some of the time. One principal in this school is Lucas of the University of Chicago. Says he: "The real amount of goods and services available cannot be manipulated effectively by short-term market interferences. Such policies are based on the premise that we, the Government, can make people work harder, invest more or perform some other desired objective. But people are skeptical, so such policies do not work any more. The public has also lost confidence in the prospect of a stable policy...
...Guevara and Jane Fonda. Inside the massive central department store, no amount of artful deployment of bicycle parts and condensed milk can hide the fact that little is being produced for public consumption. While officials claim that more than 20% of the economy works on an "open market" basis, the only items private hawkers sell are vegetables, spices and such miscellany as incense, pith helmets and plastic shoes. With monthly family incomes averaging $30 and prices up more than 600% above 1975 levels, few can afford anything beyond necessities. Just since 1978, observes one Western ambassador, "the standard of living...
...know" but otherwise communicate only by written messages. They study the Bible, forswear sex, drugs and alcohol. They are, however, permitted to watch TV newscasts and read newspapers to emphasize the differences between the values of the camp and the outside world. The newspaper obituaries, stock market reports and sports pages are clipped out because they are considered distracting...
Increasingly, shopping centers and civic institutions are recruiting street musicians instead of complaining about them. Boston's Quincy Market, Manhattan's Lincoln Center and San Francisco's Cannery all audition or actually hire them for scheduled performances. In Boston, a nonprofit group called Articulture Inc. deploys street musicians at three subway stops during rush hours, which "lowers the collective blood pressure." Currently, commuters at the Park Street station are bemused to encounter Nancy Feins strumming the strains of C.P.E. Bach on the harp. "One woman asked me if this was a harpsichord," says Feins. "Another person swore...