Word: systemics
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Dates: during 1960-1969
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...Manhattan. Beginning with New York's Holland Tunnel in 1927, the Norwegian-born Singstad designed and built dozens of underwater highways, including New York's Lincoln and Brooklyn Battery tunnels, and the 1¾-mile Baltimore Harbor Tunnel. What made them all possible was his ingenious ventilation system, which sucks out deadly exhaust fumes with fans so efficiently that it has become standard the world over...
...example, the Government cut its spending by an amount equal to 16% of the U.S. gross national product. On top of that, the Federal Reserve contracted the money supply by 5.2%. Says Paul McCracken: "The remarkable thing is not that there was a 1921 recession but that our economic system survived under this massive fiscal and monetary whipsaw...
...truly original thinker, Friedman is the author of a dazzling variety of ideas about how nations should cope with myriad matters of public policy. On the question of the international monetary system, Friedman for nearly two decades has been urging the adoption of freely moving exchange rates instead of fixed rates. Now, after a series of monetary crises and devaluations, central bankers in the U.S. and abroad are giving serious study to a modified form of the idea. As early as 1942, Friedman began advocating a negative income tax as a substitute for the nation's demeaning and generally ineffective...
...High-income people come off better. If you have property, you get the benefit of this, plus social security. The system redistributes income from the young (rich or poor) to the old (rich or poor). I think we ought to help the poor indiscriminately." GOVERNMENT PRIVILEGES. "All over the world, the predominant source of great increases in private fortunes over the past several decades has been Government privileges." For example, the issuance of radio-TV licenses is "an enormous giveaway of valuable capital sums to individuals who are not low-income people." Friedman also holds that the Federal Communications Commission...
Some of the loopholes were deliberately allowed to stay open, authorities admit. Federal Reserve officials feared that if they had closed every gap in the regulations, some banks might have failed. In a banking system based on confidence, that might have touched off a financial panic, something that the Federal Reserve is sworn to prevent. Still, Board Chairman Bill Martin admitted to Congress that the "safety valve" had become "an escape hatch through which restraints are being avoided." The banks also flooded the country with new credit cards, which stimulated consumer spending and certainly did not reduce