Word: 1990s
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Dates: during 2000-2009
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...vibrant, semilegal club scene. "The place still has an outlawish feel," says James Docwra, who works for an agency that books DJs. But in the transition from hippy to hip, some of the anarchy of earlier times has gone, particularly since the government moved from Bonn in the 1990s. Birkenstocks have made way for handmade $400 Trippen boots "that express an individuality not found in the traditional mass market," as the Berlin company's founders, Angela Spieth and Michael Oehler, put it. Especially in parts of Mitte, there's been a mini-invasion of BMWs and Mercedes in smartly restored...
...approximately 4,500 undergraduate students throughout the 1980s and 1990s, according to Schmill, but the university reduced its class size when it began requiring all freshmen to live on campus...
...nearly collapsed. Why the refusal? Maybe the pay was too good. Philippon and the University of Virginia's Ariell Reshef have found that, starting in the mid-1980s, financial-sector paychecks began to outstrip those for jobs in other sectors demanding similar skills and education levels. Since the late 1990s, Philippon and Reshef estimate, 30% to 50% of financial-sector pay has amounted to what economists call rents - windfalls that serve no economic purpose. They may even hurt the economy by pulling highly skilled workers out of other, potentially more productive fields...
...prosperity in the U.S.; the past decade has been a bust. Yet the financial sector was relatively tiny in the 1960s and huge in the 2000s. Could this mean that good times for finance are bad for the rest of us? Philippon says it isn't that simple. The 1990s, for example, were good for both Wall Street and Main Street. His theory, which fits the historical evidence well, is that the financial sector's share of the economy should increase when there are fast-growing companies needing outside funding, like railroads in the late 19th century, manufacturers...
...leader, who eluded capture for 12 years until his arrest in 2008, boycotted the start of his U.N. trial on genocide and war-crimes charges, claiming he needed more time to prepare his defense. Prosecutors allege that Karadzic, who is representing himself, carried out ethnic-cleansing campaigns in the 1990s in Bosnia. The judge has rejected Karadzic's protests and ordered that the trial continue...