Word: ownership
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Dates: during 1970-1979
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Their case has been bolstered by an independent commission appointed by Prime Minister Gough Whitlam to study the land rights of Australia's indigenous population. The commission recommended this year that ownership of the land should be retained by the aborigines and that there should be no further exploration or mining without their permission. Confronted with the choice between poverty and the wrath of the green ants, the aborigines give every indication that, for the time being at least, they would rather remain poor...
Beginning Jan. 1, American goldbugs, who have long been limited to purchasing coins or jewelry, can legally buy the real stuff: gold bars. A bill signed last week by President Ford ends a 40-year ban against private ownership of bullion by U.S. citizens. Administration officials insist that the lifting of the ban will not affect U.S. international monetary policy, since the value of the dollar is no longer closely tied to gold. Because gold pays no interest, it makes investment sense only to people who expect the price to rise sharply or who distrust other standards of value...
More important, the Saudis announced that for the first time they will auction some of the more than 5 million bbl. of oil daily that they receive from their 60% ownership of the Arabian American Oil Co. (Aramco). Unlike Kuwait, which two weeks ago announced that it will no longer auction its crude because offered prices were too low, the Saudis will accept whatever they are bid. The first auction will take place in August and could involve most of Saudi Arabia's share of Aramco's output. Initially the oil will probably sell for as much...
...Heilbroner's analysis of socio-economic systems, his treatment of socialism is also presented in extremely broad terms, as "the replacement of private ownership by public ownership, and the displacement of the market by planning." Socialism too is plagued by problems, especially the restriction of civil liberties. The economist's intention is to draw out the very basic underlying assumptions common to both socialism and capitalism and to try to predict how each will be able to deal with the three major challenges of the human prospect. At the very root, both systems rely on a "technological imperative," built into...
This brings us to the third section of The Human Prospect, and probably the most devastating--"Socio-Economic Systems." First, Heilbroner's definition of capitalism: It is an economic order "marked by the private ownership of the means of production vested in a minority class called 'capitalists' and by a market system that determines the incomes and distributes the outputs arising from its productive activity." It is a social order most obviously characterized by an extreme acquisitiveness. This is the economic and social order into which you and I are destined to descend. Certainly, it's only an "ideal type...