Word: vital
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Dates: during 1970-1979
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...leading universities make vital contributions to the quality of medicine and health, if their scientific discoveries feel the process of technological development, if degrees open doors to valuable opportunities and careers then society will wish to make sure that these capacities are used in ways that contribute to society's welfare. As a result the critical issue for the next generation is not Harvard's survival but its independence and freedom from ill-advised government restraint...
...long-established Greek-American institutions have provided vital grass-roots support, stimulating the mail campaigns. One is the Greek Orthodox Church, headed in the U.S. by Archbishop lakovos, who set up 50 state committees after the Turkish invasion to raise money for Greek-Cypriot refugees (collections so far: $1.3 million) and to urge letters to Congressmen. Iakovos has personally pressed the issue with President Ford, Massachusetts Senator Edward Kennedy and Democratic Presidential Contenders Henry Jackson and Lloyd Bentsen. The other is AHEPA (American Hellenic Educational Progressive Association), the Greek-American fraternal order, which has 400 chapters and about...
...there is no escaping the fact that leaders of capitalist economies must use every available resource to figure out the amounts of vital commodities that their industries will need to sustain strong growth. They will have to calculate where the supplies are likely to come from, what exploration, research and development investments will be required to produce them, what conservation steps and recycling programs may be necessary to stretch supplies, and what materials might be used as substitutes in a pinch. The tough question: Just who is to decide...
...historical record, capitalism clearly is more enriching?in every major way. Capitalism, says Eckstein, "is the only engine that has been developed so far that encourages people to be highly innovative, to develop new products and processes." Profit-seeking capitalists have developed all the vital machines of "postindustrial" society. In contrast, centrally managed economies have rarely done well at developing civilian high-technology industry?largely because inventors lack incentive. In socialist economies the same lack has led to appalling shoddiness in many of the services that provide life's amenities...
Sooner or later, however, governments must act to curb inflation?and risk recession?by curtailing spending and restricting the growth of money supply. Many economists indeed blame all post-World War II recessions on overly zealous anti-inflationary policy. But that criticism obscures a vital point. In a society that operates by private decision-making rather than central command, governments must make difficult judgments on the exact mix of tax, spending and money-supply policies needed to nudge businessmen and consumers into the "right" decisions on how much to buy, build and borrow. Inevitably, the fallible humans who run treasury...