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...power in 1979, she reduced income taxes (the top rate fell from 83% to 60%), raised the value-added tax (a levy on goods and services) 8% to 15% and sharply cut public spending. Thatcher's top priority was righting inflation. That was a reversal of traditional British postwar economic policy, which held full employment as the primary objective. To curb price rises, she cut public spending at a time when rising , unemployment and the consequent increase in welfare expenditures would normally push it up. The money supply was throttled and interest rates were allowed to soar, forcing...

Author: /time Magazine | Title: Thatcher Triumphant | 2/18/2008 | See Source »

...that's where the simple comparison to the U.S. after 1945 breaks down. Journalist turned businessman Jim McGregor, one of the most astute observers of modern China, says that the country is cramming three different eras of U.S. history into one. In U.S. terms, the postwar prosperity that fueled the flight to the suburbs is happening at the same time as the 19th century Industrial Revolution that lured people from the farm to the cities, and also as Progressive Era efforts to rein in the worst abuses of capitalism take shape. I asked Guo if he agreed. He nodded...

Author: /time Magazine | Title: The Short March | 2/14/2008 | See Source »

...least Clift, Dean and Ledger had the luck to be making serious dramas from Oscar-winning directors. Anyone who worked in other kinds of movies ran into the wall of the Academy's genre snobbery. Crime movies (later known as film noir) had a dark glory, a stinging postwar fatalism, but flew under the Academy's radar and beneath its contempt. Of the hundreds of westerns in the '50s, some were superb, like Ford's The Searchers and Howard Hawks' Rio Bravo, but even those A-list directors could not interest Oscar in their oaters--zero nominations for those...

Author: /time Magazine | Title: The 800-lb. Golden Gorilla | 2/14/2008 | See Source »

...Told to ‘shut up” and otherwise antagonized, Mr. Buckley lashes out: “Listen, you queer. Stop calling me a crypto-Nazi or I’ll sock you in the god-damn face, and you will stay plastered.” Quaint postwar vernacular aside, the moment, somehow benign on the page, seems pretty ugly on video, in the light of day. From understandable rancor and an articulate tongue springs this petulant slur; Buckley seems at once less like a cultured commentator, and more like a prep-school prat, bullying...

Author: By James M. Larkin | Title: Ex-Guise and Videotape | 2/12/2008 | See Source »

...Many leading Polish public figures have criticized the book, saying that Gross neglected to take into account the context of of a shattered and demoralized post-war Poland suffering the the brutal imposition of the Soviet system. The victims of the turbulent postwar years were not only Jews, but also anti-communist Poles as well as Ukrainians and Germans expelled after the post-war shifting of borders. "Let?s remind ourselves of what was going on in New Orleans after a few days of a hurricane," historian Marcin Zaremba wrote in the Polityka weekly. "In Poland, the 'hurricane' took place...

Author: /time Magazine | Title: Confronting Poland's Anti-Semitic Demons | 1/23/2008 | See Source »

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