Business In I960: Tough Prosperity

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out of it. The oil industry, which was long plagued by surplus, in 1960 had good profits—and expects to do even better in 1961. Whatever the industry, U.S. business in 1961 had good reason to hope—and work hard. Says Federal Reserve Chairman Martin: "I find absolutely no basis for pessimism at all, provided we are willing to accept some disciplines." In the end, 1960 would go down as the year of emerging disciplines and, for that reason, an important transition year from which a sounder economy can come in the future. The year demonstrated the need for fundamental departures in business methods and ideas to adjust to the basic structural changes in the world and in the U.S. economy, told businessmen in unmistakable tones that they must take a new look at their operations and—more significantly—look beyond to the shifting world about them. The U.S. is entering years when prosperity may take more work, but could be greater than ever before. The advantage of tough prosperity is that, while harder to achieve, it is likely to be solidly based once it is reached, and could provide a sustained high level of good business for years to come.