Word: wages
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Dates: during 1970-1979
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...staring at his hands for nearly ten minutes before rendering his decision. The Justices' wait-and-see strategy cannot go on indefinitely. Some of the leftover cases deal with questions of great importance including the testing of a new mandatory death-penalty scheme, and the applicability of federal wage-and-hour laws to local government employees. There is no constitutional provision for unseating a Supreme Court Justice for reasons of health, and Douglas, realizing that President Ford could well replace him with a conservative, is unlikely to step down on his own. But before too long some responsible voices...
...Galbraith addresses himself in his latest book: Money: Whence It Came, Where It Went (Houghton Mifflin, $10). His conclusion: "Corporate and union power" is the heavy; it "can defeat efforts to combine high employment with stable prices" regardless of the state of business, and can be curbed only by wage-price controls enacted and enforced not as a temporary expedient but as a permanent feature of the economy...
...fool's choice" between inflation and high employment. No such choice is necessary, says Galbraith, with an obvious eye on the 1976 U.S. elections: Government could stimulate the economy as much as might be necessary, without causing inflation, if only the public knew enough about the wonders that wage-price controls can perform to elect an Administration that would dare to impose them...
Serious Problem. Those words might, with Galbraithian irony, be applied to the author's own belief in wage-price controls as a panacea. Corporate and union power is indeed a serious problem for any government trying to restrain inflation, and there are times when wage-price restraint must be enforced. But Galbraith-style permanent controls tend in the long run to suffocate economic life by distorting market forces, discouraging business investment and initiative, and creating shortages. They also breed worker resentment over lost wage boosts that translates into more social and political unrest than a popularly elected government...
...from being the bloodthirsty Bolsheviks that Time imagines, is a party of moderation like almost every Western Communist party since 1934. Since April 1974, the PCP has stressed labor discipline, stood against factory seizures and supported only modest wage increases for workers--all this as part of its overall strategy of gaining support from small landowners, shopkeepers and office employees in a united front against the monopoly capitalists and big landowners who ran Salazarist Portugal. More pro-Soviet than their Italian, Spanish or Yugoslav comrades, the Portugese Communists are also less sympathetic to revolutionary action...