Word: systemically
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Dates: during 1970-1979
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...recognized his beloved city. A transit workers' strike stranded a million commuters and temporarily disrupted the city's economy. A walkout by oil delivery truck drivers caused a gasoline shortage. For the first time, the city's firemen voted to authorize a strike. And the school system, the nation's third largest, was on the verge of bankruptcy and in danger of closing. The "city that works" had never been so close to a breakdown...
Meanwhile, Byrne, the Chicago school board and state officials were scrambling to put together an emergency loan package to keep the schools from collapsing. Shut out of the bond market in November because of a poor rating, the educational system faces a shortfall of $459 million by the end of the fiscal year on Aug. 31, 1980. It needs $190 million just to keep going through January...
Only a few years ago, the orthodox wisdom was that the U.S. would never suffer such hyperinflation, but that if it ever did, the whole economy would be shattered and the democratic political system would be endangered. Yet in 1979 the economy showed a remarkable resiliency and a resistance to deep recession. People learned to cope. They reduced their spending for gas-thirsty big cars and such little luxuries as hardcover books, records and tennis equipment. But they kept right on spending for other goods, particularly the high-quality and the durable, in part because they figured that almost everything...
...face of it, Law 815 hardly seemed a piece of villainous legislation. Passed last year to help raise Greek universities to European standards, it addressed some of the problems of an educational system that is widely recognized to be a shambles. But each successive reform roused the ire of either the faculty or the students or both. Under the law, for example, all professors, who have long reigned supreme in their own "chairs" of tenure, will be grouped in departments administered by a pool of professors and two elected students. The law also takes aim at another hallowed institution...
...case, whom does the art boom benefit? Only collectors and middlemen. Few artists get to share in it. This is partly because boom conditions create an unreal system of reputation, with most of the benefits going to a handful of stars at the top and scarcely anything to the rest. The American art education system, churning out as many graduate artists every five years as there were people in late 15th century Florence, has in effect created an unemployable art proletariat whose work society cannot "profitably" absorb. Generous tax laws, which enabled collectors to buy low, keep a picture...