Word: smalling
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Dates: during 1970-1979
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...friends with a minimum investment. In Grenada, for example, notes one businessman, "the Cubans made an excellent choice of aid when they gave the island its first fishing trawler"-a 65-ft. vessel that will greatly augment the tiny catch made by the country's fleet of small, open fishing boats. In an interview with TIME, Grenada's Socialist Prime Minister Maurice Bishop claimed that "one of the reasons Cubans are in Grenada is because the Americans aren't." He said it took ten days after the coup for U.S. Ambassador Frank Ortiz to assure him that...
...growing number of Catholic militants in the Philippines, that day has apparently arrived. TIME has learned that a clandestine Catholic group, led by several priests and called the Democratic Socialist Party, has organized its own small guerrilla movement, composed of ex-seminarians and other devout laymen. Since 85% of Filipinos are Catholic, the guerrilla group is a highly symbolic new challenge to Marcos and the seven years of martial law. The movement is left-wing but also antiCommunist, and thus could represent an eventual counterforce to the much broader Communist insurgency...
Many scientists and businessmen blame the Government for the innovation recession. M.I.T.'s Gray complains that high taxes on capital gains and excessive Government regulation have discouraged new entrepreneurs. The 1969 increase in capital gains taxes from 25% to 49% dried up venture money, especially for small companies. From 1969 to 1975 the amount of new capital acquired annually by small firms sank from $1.5 billion to $15 million...
Some entrepreneurs also complain that corporate giants are indifferent to small projects. Harris J. Bixler, president of Boston's Avco Everett Research Laboratory, contends that new products that promise tidy but unextravagant revenues go unsupported by Big Business even though the initial investment might be low. Says he: "Large companies could care less about the guy who has a $100,000 idea. They'd lose that in the paper-clip account." Such technological triumphs as Xerography and Polaroid film were developed by small innovator-entrepreneurs only after larger firms turned down the ideas...
There are a few bright spots in the otherwise gloomy innovation picture. Last year's reduction in the capital gains tax from 49% to 28% resulted in a flood of new money looking for risky but promising investments. Boston's Route 128 complex of small, high-technology firms and California's Silicon Valley are awash with funds...