Economy

Eurotrash

Ronald Steel on why a unified Europe might make a less reliable U.S. partner.

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The recent Teamsters strike, The Los Angeles Times declared, "has served as a reminder of how much the union's influence has waned." The outcome, The New York Times wrote, showed how the union's "power has shrunk." There is some truth in these statements, but they reveal more about the national press's attitude toward labor than about the Teamsters union. During the twenty-four-day strike, the longest in Teamster history and the first since 1979, the union achieved almost 100 percent support from its rank and file, in spite of violent dissension in its upper ranks. In the provisional settlemen

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Charity Case

Heard the latest one about William Aramony, the ousted head of the United Way of America?... He took at the office. If ever there was a scandal for the ‘90s, this was it. The president of America’s largest charity, William Aramony, was suddenly unmasked as a limo-riding, Concorde-flying tycoon.

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Funny Money

Niall Ferguson asks whether a European economic and monetary union will work.

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Kenneth Arrow makes the case for redistributing income.

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Profits by the Billion

War profits—after deduction of war taxes—have been the greatest in history. The government virtually guaranteed contractors against loss by paying for their investments in war equipment. Now business is guaranteed against loss in resuming civilian production. By congressional enactment, the Treasury must pay back excess-profits taxes to businesses which in 1946 suffer certain reduction to income.

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With the exception of one amendment, the Wagner labor-disputes bill, as finally enacted by Congress, does not differ much from the measure in its original form. But that amendment may be a joker and turn the entire Act into a company-union charter. It has to do with Section 9b, which governs the choice of the appropriate unit for collective bargaining.

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Public opinion, which once upon a time was only a symbolic figure in cartoons, has become a valuable commercial property. The banners and buttons of World War propaganda showed, as one writer has explained, “the possibilities of molding public opinion toward an objective. Its success convinced leaders how vital it is to gauge public reaction to ideas or products; how necessary it is to get public support.” And big business, having learned the technique of selling its products, is now trying to sell itself.

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Mr. Upton Sinclair, in his open letter to President Roosevelt published in a recent issue of The New Republic, again raises a question that has received much consideration in various quarters—the possibility of instituting a program of self-help for the unemployed. Dramatized by Mr.

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American industry possesses the finest physical plant in the world, but our ability to get goods from it depends, of course, upon the skill with which we manage it. Never has this truth been more important than today when we are engaging in much reckless talk about the necessity of balancing the budget.

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