Word: nationalizes
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Dates: during 1970-1979
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...very proud to live in a nation that for 30 years has been as democratic as yours...
That would be a start in the right direction, as would the proposal that President Carter announced last week to make more money available for development of solar energy. The nation does need to push production of alternate forms of energy, to reduce its debilitating dependence on unpredictable and outrageously priced oil supplies from OPEC. But neither solar power nor synthetic fuels will help much to shorten gasoline lines, or to keep homes warm, for years to come...
...heating oil production, devise a more effective allocation system for distributing them, and enact a stand-by gas-rationing plan. Those steps will not increase overall supply, but they might calm the panic buying that is turning what should be a moderate shortage into a nightmare. Indeed, the nation had better get used to coping with shortages. The one in 1973-74 disappeared quickly after OPEC turned on the spigot following the end of the Arab oil embargo. The cartel seems unlikely to do so again, and even if it did, no one could trust an increase in output...
Around the world, the siren song of socialism appears to be losing its lure. Countries as diverse as Britain and France, Peru and Algeria are moving away from the creed of nationalization and toward freer market economics. None has shifted quite so far, so quickly, as Sri Lanka, the verdant island nation off the coast of India that the world still knows as Ceylon. Reports TIME Correspondent Ross H. Munro...
...early 1970s, the government seized the tea plantations that long generated about half the nation's export earnings. The result was a disaster. The plantations became run down as reinvestment was cut back, periodic replanting was stopped, and fertilizers were not applied. Production of Sri Lanka's three major exports (tea, rubber and coconut) plunged. Foreign investment dropped, and price and import controls created such shortages that city dwellers lined up to buy the simplest necessities...