Word: wealth
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Dates: during 1980-1989
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...would appear that Gilder's book Wealth and Poverty is indeed the equivalent of an economic bible for the Reaganauts. Gilder's opinion that "to help the poor and middle classes, one must cut the tax rates of the rich" fits hand in glove with the attitude of another of President Reagan's favorites, Calvin Coolidge. Rather than trying to ease the burden of the poor, Coolidge too believed it was better to decrease the taxes of the higher income groups to avoid retarding economic growth. Although some of Gilder's research is entertaining, his ideas...
...rewards for political behavior that the U.S. considers friendly. But precisely because such bilateral deals offer an opportunity for obvious political manipulation, they are almost sure to be resisted not only by Third World countries but also by America's principal economic partners. The West, to use its wealth effectively, needs a common investment strategy. Hence a more prudent course would be to strengthen internal tional financial institutions. That means using America's still dom inant position on the governing boards of those bodies to improve their ability to tie - and occasion ally yank - the economic strings that...
...tions. Venezuela, a founding member of OPEC, has been assist ing the poorer nations of the Car ibbean basin, and Saudi Arabia spends about 3% of its G.N.P. on aid programs for such relatively poor Islamic states as Pakistan, Syria and Jordan. But Saudi Ara bia's vast wealth represents a global problem and not just a re gional one, since it has accumulat ed that wealth partly at the ex pense of oil-importing poor countries around the world...
...incredible shrinking man on the dollar bill, warned against entangling foreign alliances. What would George think today? The world is knotted with defense treaties, trade agreements, international monetary plans; and each year $100 billion leaves his country in a cloud of imported oil smoke. This thunderhead of new wealth floats around the globe, threatening inflationary chaos wherever it hovers. Will it descend on gold, Beverly Hills real estate, Kansas farm land, New York coops...
Says "Adam Smith," pen name of George J.W. Goodman: "We have seen the greatest transfer of wealth in the history of the world, practically without a shot being fired." Saudi Arabia alone takes in $166 million a day for its oil. After two jolting oil shortages in the '70s, faith in paper money is badly shaken...