Word: nationalizes
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Dates: during 1970-1979
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Good for Brand, O'Connell and Orlick and the new no-win, noncompetitive games [Sept. 11]. Acceptance of them will be slow in a nation geared to tot-'em-up victories and defeats. Surely, the human race can see the merit inherent in striving to become better doctors and teachers, parents and human beings, and will try to improve in the important ways without the empty rewards of raised arms and Scoreboard lights...
True, the Government also reported that in the second quarter real gross national product?the nation's output of goods and services, adjusted for inflation ?rose at an annual rate of 8.7%. That rate is obviously unsustainable, however, and a slowdown has already begun. Though no one?not even Author Paul Erdman?really believes the apocalyptic prophecies in his bestselling novel The Crash of 79, some serious forecasters fear a genuine slump next year...
...next year. Nathan foresees declines of around a point on most borrowing rates, and a half-point or more on mortgage loans, which now cost home buyers an average 9.7%. Meanwhile, the economy seems to be developing a surprising immunity to high interest rates. Housing has often led the nation into recession by collapsing at the first sign of tight money, but in August new-home starts still ran at a fast annual rate of more than 2 million. One reason: many buyers consider a new house the best investment they can make in a time of high inflation...
...action is mandatory under an 1897 law that orders levies slapped on imports that benefit from subsidies at home and thus theoretically can undersell U.S.-made products. In 1974, shortly before the onset of the Tokyo Round of talks under the 84-nation General Agreement on Tariffs and Trade (GATT), Congress voted a four-year holiday on the imposition of the countervailing duties. The hope was that in the meantime the Tokyo Round would end and the dispute over subsidized exports be resolved...
While the devaluation of the dollar may be the most dramatic measure of the U.S.'s reduced clout in world commerce, another event may ultimately have a greater impact on the nation's economic health. It is the shocking decline of good old Yankee ingenuity, otherwise known as research and development...