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...surplus value of labor, which held that a commodity's value is determined solely by the labor that goes into it; as Marx saw it, the capitalist pays the worker only a poor part of the real value of his output while skimming off the surplus as unjust profit. In perhaps the most widely touted passage from Das Kapital, he predicted that all this would inevitably lead to Communism: "The centralization of the means of production and the socialization of labor reach a point where they prove incompatible with their capitalist husk. The knell of private property sounds...

Author: /time Magazine | Title: Historical Notes: Cursing the Carbuncles | 9/22/1967 | See Source »

...Ruinous Spiral." Without the surcharge, the President argued in his ten-page special message, the deficit could cause "a spiral of ruinous inflation which would rob the poor, the elderly, the millions with fixed incomes; brutally higher interest rates and tight money; an unequal and unjust distribution of the cost of supporting our men in Viet Nam, and a deterioration in our balance of payments by increasing imports and decreasing exports...

Author: /time Magazine | Title: The Economy: 10% More | 8/11/1967 | See Source »

...Transportation Secretary Alan S. Boyd said that it would "ultimately be reflected in the cost of thousands of consumer items, food, housing, and the support of our vital effort in Viet Nam." The Department of Agriculture denounced it as a move that would make the U.S. farmer carry "an unjust and unreasonable burden." Yet the Interstate Commerce Commission, after long and careful consideration, last week overrode such complaints, granted to U.S. railways a $300 million increase in freight rates...

Author: /time Magazine | Title: Railroads: Just and Reasonable | 8/11/1967 | See Source »

...riot damages unless it has somehow acted negligently. Even then, many governmental bodies are protected by sovereign immunity, a musty theory that public monies can be used only for the general public, not to compensate individuals, such as riot victims. But legal scholars contend that sovereign immunity is unjust, illogical, and riddled with exceptions. Moreover, courts have gradually eroded or discarded the doctrine in several states. Once sovereign immunity is removed as a defense, a city or county is liable much like an individual charged with negligent performance of duty...

Author: /time Magazine | Title: Damage Suits: Who Pays for Riots? | 8/4/1967 | See Source »

...mobsters; 2) legal control is the only way to keep out criminals. The counterarguments are that 1) even controlled gambling will lead many people into the habit who would not otherwise get hooked; 2) lotteries in particular are played mostly by lower-income families and thus constitute an unjust tax on the poor; 3) in places like Nevada, where gambling is legal, criminal elements have certainly not faded away. Virgil Peterson, director of the Chicago crime commission, argues that the underworld inevitably gains a foothold under any licensing system by organizing legal "fronts" and establishing rival illegal operations that place...

Author: /time Magazine | Title: Essay: WHY PEOPLE GAMBLE (AND SHOULD THEY?) | 7/21/1967 | See Source »

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