Word: nationalizes
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Dates: during 1970-1979
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...important means by which corporate America has an impact on our political system. Literally billions of dollars are spent each year to "lobby" legislators in Washington and to influence public opinion across the nation. The political activities of this wealthy sector of the American community--big business--cannot help but have a distorting effect on our democratic process. As Senator Kennedy has explained...
...must note that this is a change in our foreign policy. Current U.S. foreign policy is tied implicitly or explicitly to the defense of many other nations--South Korea, Saudi Arabia, the Philippines, Thailand, and Australia, to name a few. Our military capabilities are global because our foreign policy commitments are global. This has been true since World War II when we became the leading nation of the West, and it continues to be true...
...real and immediate reason why supplies are tight is that overall output by the 13-nation OPEC cartel, which produces nearly half the world's oil, has been cut by between 7% and 10% since December, when shipments from Iran first stopped. Now that Iran is back to exporting, at two-thirds normal capacity, Saudi Arabia, Libya, Kuwait and other oil states are reducing their own deliveries to keep the market tight...
...more than wiped out by rising consumption as well as OPEC's cutbacks. Steadily growing consumption of gasoline is causing most of the demand problem. Nearly 40% of all oil used in the U.S. goes for gasoline, and even though the price has almost doubled since 1973, the nation's 142 million motorists are burning it in record amounts. Not only have over 20 million new drivers streamed onto highways since 1973, but so have 24 million additional cars, trucks, campers, vans, Jeeps, dune buggies and other such toys for grownups...
...Western industrial nations want Japan to expand domestic demand and consumption by taking steps to stimulate the economy and lift average Japanese incomes. That would tend to raise imports and reduce exports because Japanese wages and other costs would go up. But such a course risks higher Japanese inflation and lower profits, which the nation's business establishment opposes. Unless the corporate chiefs relent, however, they risk the greater shock of having their access to world markets sharply curtailed. The threat of selective protectionism against Japan is rising, and it worries U.S. officials. It would dangerously damage relations with...