Word: profits
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Dates: during 1960-1969
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...sell his 23.4% of the Jets (estimated initial cost: $200,000) to his four silent partners for a rumored $1,600,000. The trouble, complained Sonny, is that his partners want to share the show. Said Werblin: "When it was a failure, nobody came around. But the moment a profit appeared, we were suddenly running things by committee, and everyone knows you can't run an entertainment enterprise by committee...
...gets 31 miles to the gallon of gasoline. This can be repeated in tape recorders, optical goods and many more items. U.S. industry and labor have to sit down and do a lot of soul searching to win the battle of the long run rather than the quick profit...
Last year Xerox showed a 21.8% profit increase over 1966-for the sixth straight year of 20%-plus profits growth. Only because the company set aside cash for an anticipated 10% tax surcharge did 1968 first-quarter earnings rise a mere 12.7% over the same period last year. Not even Xerox expects to keep duplicating such successes forever. More than a dozen competitors have come into the copying field. Among them is the Minnesota Mining and Manufacturing Company, which is now testing a machine that can make color copies in one minute...
Creating the Sums. Harrington argues that the distressing future the figures portend can be forestalled only by a radical transformation in both economics and politics. The profit motive must give up its place as the primary mainspring in American life, yielding to "a cooperative, rather than a competitive, ethic." To solve the nation's problems, money must be allocated "uneconomically," in the historical sense of the word, and "wasted" on such uncommercial values as "racial and class integration, beauty and privacy...
Harrington's plea for a cooperative ethic comes, curiously, at a time when the enforced cooperative societies around the world-the Communist countries-are rediscovering the necessity of the profit motive as a solution to their own internal problems. More important, he fails to suggest what force could replace the profit motive and still produce the vast sums the U.S. needs to solve its problems...