Word: rising
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Dates: during 1940-1949
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Since the Civil War and the rise of the Republicans as an anti-slavery coalition, third parties have made much fuss, but to little effect. They have swung elections for others, have never been able to do much for themselves. They have elected Congressmen, a handful of Senators, but never a President...
Like the average man that he is, Peck is nobody's fool. He knows that his talents, though real, are not extraordinary. He is acutely aware of the wide gap between his natural abilities and his smashing success. He knows pretty well how much of his spectacular rise he can credit to himself, how much to pure luck, how much to the peculiarities of the flying-trapeze world he works in. He fully expects to wake up one of these days and find himself in San Diego again, driving a truck...
...gross national product (total goods and services produced) was $230 billion, 13% higher than the record peacetime peak of 1946. Like the New Look, some of the astronomical figures of dollar volume were not so impressive as they seemed. The rise in the gross national product was due in part to price rises. But in items turned out, 1947's industrial production was 23% above 1946's surprising total...
...this was not the only yardstick. The demand for food was still on the rise, but the demand for many another item was already going down. Example: the dollar value of all retail sales was $109 billion, up 13% over 1946. But the unit volume, i.e., the number of items sold, went down an estimated 10% during 1947. Part of the drop was due to the increase in production, which tended to satisfy demand, and part to the rise in prices. In a free economy, prices can also be a cure for inflation-if a harsh one. As London...
Freedom v. Control. In one sense, the job that a free U.S. industry had done in 1947 was brightened by what the controlled economies of the world, notably Britain and Russia, had failed to do. Those who shuddered at the rise in U.S. prices-and thought that there was some painless magic in controls to bewitch inflation and the laws of economics-had only to look at Russia. There, what the London Times called the "baleful Bourbons of Muscovy" ruthlessly tried to end their high prices-and low production-simply by taking spending money away from the people...