Word: lasts
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Dates: during 1980-1980
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...economists slightly less conscious about winning establishment applause. Economics is a historical process and policies must accomodate to historical process and policies must accomodate to historical change. Keynes's economics is not appropriate to a world of strong unions, large unions and big government, and Keynes is the last person in the world who would have expected...
...year's end OPEC had almost come apart; at their December meeting in Caracas its members could not agree on any unified pricing structure at all. So long as supply barely equals demand, there will be leapfrogging price boosts; four countries announced 10% to 15% price hikes last Friday. In the longer run, the disunity could lead to price-cutting competition, but only if the industrial countries, and especially the U.S., take more drastic steps to conserve energy and reduce imports than any they have instituted yet?and even then OPEC might come back together. It is presumably...
Meanwhile, Moscow has been acting more brazenly throughout the entire region of crisis. Around Christmas, the U.S.S.R. began airlifting combat troops into Afghanistan, reinforcing an already strong Soviet presence. Last week the Soviet soldiers participated in a coup ousting a pro-Moscow regime that had proved hopelessly ineffective in trying to put down an insurrection by anti-Communist Muslim tribesmen. At week's end, Washington charged that Soviet troops had crossed the border into Afghanistan in what appeared to be an outright invasion (see WORLD...
...President Carter's energy program at last began staggering through Congress, but a near disaster at Three Mile Island in Pennsylvania raised legitimate questions?as well as much unnecessary hysteria?about how safe and useful nuclear power will be as a partial substitute for the imported oil that the eruption in Iran will help make ever more costly. The conclusion of a SALT II agreement with the Soviet Union?more modest in scope than many Americans had urged, but basically useful to the U.S.?led to congressional wrangling that raised doubts about whether the Strategic Arms Limitation Treaty will...
...poor remained in mud hovels; bazaar merchants by the Shah-supported businessmen who monopolized bank credits, supply contracts and imports; the clergy and their pious Muslim followers by the gambling casinos, bars and discothéques that seemed the most visible result of Westernization. (One of the Shah's last prime ministers also stopped annual government subsidies to the mullahs.) Almost everybody hated the police terror and sneered in private at the Shah's Ozymandian megalomania, symbolized by a $100 million fete he staged at Persepolis in 1971 to celebrate the 2,500 years of the Persian Empire. In fact...