Word: ownership
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Dates: during 1970-1979
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...Texas Multimillionaire Joe L. Allbritton, who bought a controlling interest in the stuffy, money-losing Washington Star (circ. 370,000) last fall, can also acquire the parent company's six moneymaking radio and television stations as well. The FCC has a rule against perpetuating such local monopolies when ownership changes hands, but Allbritton has pleaded for a waiver, saying that he needs profits from the stations to keep the paper alive...
...however, presented by the growth of multinational corporations, which now account for most of the global exchange of goods, services and investments. The multinational, as Moynihan says, "is arguably the most creative international institution of the 20th century." Multinationals have brought to many countries jobs, modern goods, common-stock ownership and the most advanced technologies and management skills. But multinationals also have a unique freedom to escape from any country's regulation...
Still, the essentials of capitalism are clear. The touchstone is private ownership of most industry. A necessary corollary is that most production and services are motivated by the drive for profit. That in turn implies a relatively free market-one in which entrepreneurs can enter any kind of business they wish, and private businessmen make most of their own decisions...
...Cooper, a percussionist, is removed from the display case, its ownership is contested by a woman dressed in a Saint Laurent original who loudly protests Elton's locust-like purchasing. "I saw that yesterday and I said I was actively interested," she says, scowling at Elton. But with $7,000 worth of merchandise on the block, the men of Cartier ignore her protest. "Being interested," smiles Elton as he signs a check, "is not the same as buying...
...reportedly decided not to dismiss Benn from his Cabinet; to do so would only aggravate the party wounds that Wilson now hopes to heal. But to restore confidence in his government's ability to check inflation, Wilson will probably shift Benn-whose proposals to step up public ownership of industry have made him anathema to Britain's business and financial community-to a less economically powerful Cabinet ministry...