Word: progressives
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Dates: during 1950-1959
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...businessmen. His report, bolstered by additional material from TIME'S European and U.S. bureaus, brought into focus a new American-type capitalism that around the world is replacing the old system of cartels and feudal wealth. The Tokyo bureau added the story of Japan's striking progress, while the Hong Kong bureau analyzed the trials, tribulations and triumphs of Southeast Asia. As other reports poured in from Latin America, Africa, the Middle East, and TIME'S domestic bureaus, they added up to a year in which free-enterprise capitalism was on the march throughout the world...
Throughout the year, the full extent of the free world's progress was often clouded by worry over the economic threat of the Communist nations. The Soviets and their satellites made fast progress. But the free world traveled faster. The record was plain in the soaring production statistics, the freeing of currencies from tight controls, and in the fact that the "economy of abundance," once a U.S. phrase and fact, was visible in other lands...
...thus far survived the challenges of nature by adapting to and overcoming them. Has the human race lost its self-confidence? The only progress the race has made has been through expansion and growth...
...universities of the world can be of tremendous help in gathering and sifting and harmonizing them into a universal law. A reliable framework of law grounded in the general principles recognized by civilized nations is of crucial importance in all plans for rapid economic development around the earth. Economic progress has always been accompanied by a reliable legal framework...
Whenever it has broken down, commerce, invention, investment and economic progress have also broken down...