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...Madrid returned to banking on a full-time basis as a lawyer with the state-run National Bank of Foreign Commerce, one of many institutions set up after the Revolution to control the country's economy. In 1960 he moved to the Bank of Mexico, the country's central bank. Four years later, he spent a year at Harvard on a scholarship, earning a master's degree in public administration. (Among De la Madrid's professors: Liberal Economist John Kenneth Galbraith.) After he returned to Mexico, he became assistant director of public credit in the country...

Author: /time Magazine | Title: Mexico We Are in an Emergency | 12/20/1982 | See Source »

...Rocky Mountains provided a generally safe sanctuary for incumbents of whatever stripe. In Montana, Liberal Democrat Pat Williams, who ran against Reaganomics, and Conservative Republican Ron Marlenee, who defended the program, were returned as the state's two Congressmen. The state's house of representatives, however, switched into Democratic hands, partly because voters blamed Republican members for the cuts in state-run social services, the consequence of reduced federal funds for some domestic programs. Despite the region's Republican leanings, two Democratic Governors were reelected: Colorado's Richard Lamm and Wyoming's Ed Herschler have both been able to balance...

Author: /time Magazine | Title: Election '82: Trimming the Sails | 11/15/1982 | See Source »

...Chicago, some 25 high-level dealers are under investigation. And in Baltimore last week, twelve people were arrested for trying to buy heroin with the coupons. In many cases, defendants are charged with purchasing stamps at a discount, whether from counterfeiters or suppliers with access to stockpiles at state-run issuing offices, then using them to buy just about anything but food. In the larger scams, dealers sell thousands of dollars worth of coupons directly to dishonest food-store owners, who act as food-stamp fences and pay 500 on the dollar before redeeming them for full value...

Author: /time Magazine | Title: Definitely Not USDA Approved | 8/23/1982 | See Source »

DIED. C.Y. Tung, 71, owner of one of the world's largest independent fleets of ships; of a heart attack; in Hong Kong. Born in mainland China, he helped Nationalist China to rehabilitate its state-run shipping industry after World War II and then built his own 11 million-ton armada that totals 149 ships and tankers...

Author: /time Magazine | Title: Milestones: Apr. 26, 1982 | 4/26/1982 | See Source »

...that we have been taught to love. True, there were plenty of carrots and potatoes, but they were soggy; the apples and grapes were sour. Luckily, there are a few markets where farmers are permitted to sell privately the produce cultivated on their own plots. The contrast to the state-run stores was striking. The counters of the market stalls were covered with crisp apples, firm tomatoes, leafy lettuce, crunchy carrots, and of course, mounds of mushrooms. Just a dab of capitalist incentive in a socialist economy...

Author: By Allen M. Greenberg, | Title: From Russia With Frustration | 4/12/1982 | See Source »

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