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Word: wars (lookup in dictionary) (lookup stats)
Dates: during 1960-1969
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Most economists also follow the teaching of Britain's late John Maynard Keynes, who articulated how changes in taxes and government spending can stabilize business cycles. The philosophy of Keynes, who died in 1946, has dominated the economic policies of industrial nations since World War II. Today's prevailing belief, however, is a hybrid; most economists now consider themselves "Friedmanesque Keynesians." Having risen from maverick to messiah, Friedman ranks with Walter Heller and John Kenneth Galbraith as one of the most influential U.S. economists of the era. Heller, who was chairman of the President's Council of Economic Advisers under...

Author: /time Magazine | Title: Business: THE RISING RISK OF RECESSION | 12/19/1969 | See Source »

...Friedman's reckoning, history supports his argument. As he notes in his definitive work, A Monetary History of the United States 1867-1960, a decline in the nation's money supply has preceded every recession except one (1869-70) in the last hundred years. After World War I, for 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...

Author: /time Magazine | Title: Business: THE RISING RISK OF RECESSION | 12/19/1969 | See Source »

...decade that opens next month, thoughtful business leaders realize they face responsibilities that go beyond the traditional definition of business, and they seem ready to do more than merely pay lip service to them. Next to inflation, recession and the need to end the Viet Nam War, the most talked-about subject among high executives is what role the corporation can play in reversing the decline of cities, building housing for the poor, finding and training blacks for jobs. Walter A. Haas Jr., president of San Francisco's Levi Strauss & Co., believes that industry's first big task...

Author: /time Magazine | Title: Business: THE RISING RISK OF RECESSION | 12/19/1969 | See Source »

Iago and Clive. Following the four boys and the colonel, the author explores the minds of troubled youth and the sexual and emotional problems of their parents. He also probes the impact of such contemporary events as the Viet Nam War and the cultural anomie that characterizes today's generation gap. In the hands of Clive, even the philosophical jargon of youth becomes a powerful weapon. "The Turks like things broken and helpless. Destruction is a form of possession," he observes in an Iago-like attempt to dominate the inquisitive colonel. "War is the great sexual game. You could...

Author: /time Magazine | Title: Books: Death by the Numbers | 12/19/1969 | See Source »

...only say, ask yourself who gains most. Olympias gains everything, because this match will lose her everything, if the King outlives it. Demosthenes gains the blood of the man he hates worse than death; the Athenians gain a civil war in Macedon, if we play our part, with the kingship in doubt, or passed to a boy they make light of, the more so since he's in disfavor. Darius, whose gold you want to keep even if it hangs you, gains even more...

Author: /time Magazine | Title: Books: Alexander's Band | 12/19/1969 | See Source »

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