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With this issue, The New Criterion embarks on its twenty-fifth anniversary season. Twenty-five years--a quarter century: yes, it is a long time, but how quickly the years have passed! A lot has changed since September 1982. Back then, there was still something called the Soviet Union, a minatory, intractable behemoth which, for most observers, seemed destined to lumber on indefinitely. In August of that year, the Dow Jones Industrial Average dipped to 776--that's seven hundred and seventy-six--and many were the bulletins alerting us to the impending "Death of Equities."
By 1982, we'd suffered through the disgusting spectacle of the Ayatollah Khomeini and the ...