Word: richman
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Capitalists in Communist China? In deed yes, says Barry M. Richman, a professor at U.C.L.A.'s Graduate School of Business Administration and a vet eran Sinologist. Writing in the Harvard Business Review, Richman describes Mao's country as "a land where some 300,000 capitalists still receive interest on their investments, and where many of them are still serving as managers of their nationalized enterprises." Striking a Bargain. Richman, a Ca nadian citizen, toured China for two months last spring, found that many businessmen had not only survived but thrived on Red soil. Though small-stuff storekeepers...
...such manager interviewed by Richman is Wu Tsung-i, who with his family once owned 30% of the Sung Sing Textile Corp.'s nine Shanghai mills. Wu now draws a $160-a-month salary as a top Sung Sing manager. Because his holdings were valued at $640,000 when Sung Sing went into "joint ownership" with Peking twelve years ago, he has also been receiving $32,000 a year in dividends...
...Display. Though ineligible to be card-carrying Communists, the changeling capitalists were even allowed their own state-tolerated political organization, known as the Democratic Party. After so many years with the Red Dragon, the changelings have become more chameleons than capitalists. Increasingly less important as managers, they remain, Richman says, valuable as "freaks put on display for the local population as well as for visiting foreigners." Wu still keeps his family, servants and Jaguar in East Shanghai, but quietly banks most of his income (at 3.3% interest) in a conscious effort at inconspicuous consumption. Japanese newsmen who visited Wu recently...
...named, was an only child. The parents soon divorced and Betty, who has not seen her father since she was eight, was reared by her mother. She attended New York public schools, a Tarrytown, N.Y., boarding school called Highland Manor, and graduated from New York City's Julia Richman High School. She began modeling when she was twelve, "to make a little dough," and had graced the cover of Harper's Bazaar by the time she went to Hollywood at 18. In her very first film, To Have and Have Not (1945), she added a classic come...
...Richman does point to one general deficiency in executive conduct of foreign affairs: "the foreign policy programs these presidents carry into office with them usually amount to no more than a few pledges to defend freedom against communism." However, one must recall the nation's repudiation in 1964 of Goldwater's very specific list of intentions abroad--and he was the first candidate in a while to avoid Richman's criticism. Richman fears that as a result, the burden for policy planning ends up in the tradition-encrusted State Department with obsolete policies, like an insistense on stability in Southeast...