Word: steels
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Dates: during 1970-1979
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After Poseidon Adventure, I fear cruising on an ocean liner. After Airport and its followup, I cringe at the thought of flight. Towering Inferno gives me indigestion before I arrive for dinner at my favorite restaurant on the 62nd floor of the U.S. Steel Building. Jaws [June 23] now forces me to abandon my vacation spot on Cape Hatteras in favor of the safety of the Allegheny River. Ah, the brilliance of Hollywood! In one short year it has transformed Americans into cowering paranoids whose only security is found in the tenth row of a darkened cinema...
...seamless interstate zipper did plunge to the American root. That what-ever-it-is that winked from under hooded flaps of hot-rolled steel and pierced numb-screaming into the pitch of the flesh-ringed blackness; that fired in ringing engines and hung grey-eyed in their dribbling wake. For a day and a half, Fred and I raced through the tidal hours in his bronze-bodied van, but the American whatever stayed with us always. Caught in its plastic envelope like marbles in a dime-store package, we pressed never-ward with eight cylinders and 287 horsepower, spinning down...
...analysis is clearly hyperbolic. Corporate power is checked by what Galbraith himself in 1952 described as the "countervailing power" of unions, Government and rival big corporations. It is also checked by the trustbusters and, more important, the customers. Even in industries dominated by a few big companies (autos, oil, steel, computers, etc.), those firms compete fiercely for market shares. Advertising has failed to sell products as varied as the Edsel and maxiskirts. Strong consumer resistance can occasionally force price reductions, as the recent auto rebates proved anew. "When even the auto companies are cutting prices," cracks Okun, "then you know...
Exploitation of labor continued for generations. As late as the 1890s, Henry C. Frick, after breaking a strike at the Carnegie Steel Works in Homestead, Pa., reduced wages and re-established an 84-hour work week. At the other end of the scale, Andrew Carnegie, John D. Rockefeller and other capitalists accumulated immense fortunes, in part because they proved Adam Smith wrong in thinking that an unregulated market could not be monopolized. In 1912, Woodrow Wilson, no radical, lamented that "we are all caught in a great economic system which is heartless...
ANGLO-FRENCH-ITALIAN. While most production is in private hands, the government owns or operates key companies or industries: in Britain, coal and most steel; in France, the leading auto company and many oil refineries. Some governments, like France's, also draw up national economic plans setting broad production targets for key industrial sectors and attempting to channel investment into the most desirable areas. This is done by persuasion and tax and lending policy rather than by direct orders...