Word: wealth
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Dates: during 1980-1989
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Taber was assisted by Reporter-Researchers Charles Alexander and Robert Grieves, who helped to pin down such fine points as the cost of gasoline in Bulgaria, the distribution of wealth envisioned in Plato's Republic, and whether Marie Antoinette really did say, "Let them eat cake" (she did not). Says Alexander: "Happily, we had to reach out of our accustomed economic niche to become students of history, literature and philosophy." Last week TIME opened its first bureau on mainland China since our office in Shanghai was closed in September 1949, four months after the city was taken over...
...most resented was the dominance of the so-called Americo-Liberians, descendants of the freed American slaves who began settling on the western Guinea coast in 1822. Though the vast majority of the country's 1.7 million people are impoverished tribal Africans, most of the political power and wealth have traditionally been controlled by the "settlers," the Americo-Liberians. Tolbert's father was a former South Carolina slave who became a rich coffee grower and rice, farmer in Liberia. The son, a Baptist minister, was the country's Vice President for 20 years under the virtual...
Capitalism's critics likewise have railed against the inequities, uncertainties and the social flux it creates. As Karl Marx saw it, "All that is solid melts into air, all that is holy is profaned." Foes charge that the capitalist system perpetuates grave inequalities of wealth and extravagantly rewards success. Communists proclaim that capitalism demands periodic depressions as the way to keep workers poor and subservient. Psychoanalyst Erich Fromm wrote that 19th century capitalism's drive for profit made people overly competitive, warped and aggressive. Finally, Economist John Kenneth Galbraith argues that free enterprise values wasteful private consumption more than needed...
Such charges are extreme and often unfounded. For the most part, the inequality of wealth under the free enterprise system is the unavoidable price that must be paid for genius, hard work or plain luck. The equality of results demanded by many leftist reformers would stultify society; complete equality can only be enforced by dictatorship. Income-leveling experiments in Britain and Scandinavia have proved that an economy without reward for success produces social entropy. There is little incentive for anyone to do more than the minimum necessary to maintain his own standard of living. Argued Winston Churchill: "The inherent vice...
Until two years ago, Crimson coaches were allowed to recruit only by letter, by phone or on campus. Alumni nationwide, of course, used their power of persuasion. The lure of the name Harvard still attracted a wealth of Jack Armstrongs. Crimson squads flourished; superior coaching proved edge in several sports...