Word: product
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Dates: during 1960-1969
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...economies grow more industrialized, the productivity of their capital can decline-as the Soviets have lately discovered. To raise gross national product by a value of 1,000,000 rubles a year, for example, the Soviets during the 1950s had to make capital investment of 2,000,000 rubles; to achieve the same G.N.P. gains more recently, they have had to invest 3,300,000 rubles. The Communists have been used to raising capital by coercion, holding down wages, deferring consumption, and plowing back the produce of today's labor into plants and machines for tomorrow. But now they...
Since capital is the product of deferred consumption, the way to make more of it is to increase savings. The U.S. by far leads the world in total savings and capital formation. Economist John W. Kendrick of George Washington University has calculated that Americans have accumulated financial assets of $2.4 trillion, mostly in bonds, stocks, savings accounts, pension funds and life insurance. Last year the U.S. added $129 billion to its stock of capital in the private sector of the economy. The greatest source was not people but businesses, which added $90 billion, primarily through reinvested earnings and depreciation allowances...
...savings have jumped from 4.9% of after-tax income in 1963 to 7.5% now-but they tend to save less of their pay than do the Europeans. The highest savers of all are the Japanese, whose people, companies and government together save and reinvest 36% of the gross national product-compared with 18% in the U.S. Emphasizing tomorrow's growth at the expense of today's income, Japan this year will rank third in the world in G.N.P., after the U.S. and the U.S.S.R., but 20th in per-capita income. One of the secrets of Japan...
Trowbridge, 33, a private-school product of Philadelphia's Chestnut Hill Academy and Vermont's Putney School, shuns the liberal notion that racial differences should be ignored. Manhattan Country's Negro pupils, most of whom are from poverty areas in East Harlem, may wear "Afro" haircuts with pride, knowing that their white classmates from high-rise apartment buildings cannot match them. No one pretends that there are no racial tensions at the school-but whenever a child tosses a racial slur, it becomes a topic of freewheeling discussion in which teachers lead the students in discovering...
...which it has made headway in its efforts to substitute aluminum for copper in telephone cables. Although technological problems still have to be overcome before aluminum can compete with all other metal industries in a big way, Alcoa President John D. Harper, 58, maintains that his company's product has a "big economic advantage," since "it takes 2 Ibs. of copper to do what 1 Ib. of aluminum will...