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...Kondratieff Cycle. In the 1920s Russian Economist N.D. Kondratieff theorized that capitalist economic development proceeds in up-and-down waves of 50 to 60 years each, which are determined by the confluence of invention, investment and trade. As Rostow explains it, the elements that caused the postwar boom (rapid technological advances, expanding trade and growing population) have lost their momentum...

Author: /time Magazine | Title: Business: A Summit off Moderate Success | 7/31/1978 | See Source »

...days, it will have become a blastocyst, a hollow, ball-shaped cluster of fewer than 100 cells. By now, it will have reached the uterus. There the blastocyst embeds itself in the uterine wall, where it begins drawing nourishment from the mother and starts the miracle of differentiation: the rapid transformation of cells into tissue that soon becomes recognizable as heart, brain, muscle, kidneys and all the other components of a living, self-sufficient being...

Author: /time Magazine | Title: The First Test-Tube Baby | 7/31/1978 | See Source »

...riskiest of all economic maneuvers: an attempt to slow a surging but vulnerable economy just enough so that inflation gradually subsides, but not so much as to sink the nation into a recession. Administration officials refer to this as guiding the economy to a "soft landing" from its too-rapid pace in the quarter just ended. Estimates of production growth in the second quarter cluster around an annual rate of 9%. Miller prefers to talk of reaching a "sustainable path of growth" of about 4% that can be followed year in, year out without either accelerating inflation or raising joblessness...

Author: /time Magazine | Title: Inflation: Attacking Public Enemy No.1 | 7/17/1978 | See Source »

...been the lyricist of the absurd, a condition, he wrote, "born of the confrontation between the human call and the unreasonable silence of the world." To fill that silence, he wrote essays and fiction that have become part of the century's testament. His climb from obscurity was rapid: the poor North African upbringing was obscured by the Parisian celebrity...

Author: /time Magazine | Title: Time Essay: Camus: Normal Virtues in Abnormal Times | 7/10/1978 | See Source »

...story. The tale began as Martha Peterson, 32, a tall, blonde vice consul in the U.S. embassy in Moscow, drove her car to a deserted street in the Soviet capital. Quickly changing from a white dress to a black outfit that would meld into the shadows, she boarded in rapid succession a bus, a streetcar, a subway and a taxi. Satisfied that she was not being tailed, she walked to a bridge over the Moscow River and deftly thrust a stone into a chink in the wall...

Author: /time Magazine | Title: World: Episodes in a Looking-Glass War | 6/26/1978 | See Source »

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