Word: moneyed
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Dates: during 1960-1969
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...number of grave social ills, from racial discrimination to "the dislocation of human identity" caused by an affluent society. To combat a rising tide of violence, the commission called on the Government to reduce military spending as soon as the Viet Nam War is over and to increase money for general welfare programs by $20 billion a year...
...laws to help their troubled parochial schools. Many other states are considering a move in Pennsylvania's direction. Whatever the outcome, critics argue that a victory for nonpublic schools in the Supreme Court may produce a loss in the long run. For one thing, there might be less money to go around for public schools, especially those in the ghetto. In addition, critics note, to win tax support the church schools must prove that they provide a public service and also submit to more legislative regulation. The result could be less religion in parochial schools and ultimate secularization...
...economics professor at the University of Chicago, is still regarded by critics as a pixie or a pest, but he has reached the scholar's pinnacle: leadership of a whole school of economic thought. It is called the "Chicago school," and its growing band of followers argues that money supply is by far the most important and fastest-acting of the economic regulators at the Government's disposal. Friedman has succeeded in persuading many leading economists to adopt his monetary theories, at least in part...
...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...