Word: asianized
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Dates: during 1990-1999
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WHICH BRAND OF ASIAN...
...answers to those questions, like everything else about this increasingly interdependent global economy, are spectacularly unclear. There is no longer any dispute about whether the U.S. stock market had a bout of the Asian flu in recent months. But even if stock markets continue to bounce back as they did for much of October, the question remains whether the rest of the U.S. economy--and Europe's, for that matter--is about to be sucked into the Asian vortex. If so, that could well guarantee an American recession. And even if the economy shrinks slightly--a condition we are learning...
...risks of a deeper, wider, more prolonged downturn have escalated," the International Monetary Fund reported in its most recent global forecast; the Commerce Department said last month that in August the trade deficit ballooned $2.2 billion, to $16.8 billion. Warning signs abound that this involves more than just collapsing Asian and Latin American markets. After years of low unemployment, a number of major U.S. companies have responded to their earnings troubles with year-end job cuts, among them Merrill Lynch (3,400), Raytheon (14,000), LSI Logic (1,200) and Atlantic Richfield (900). For all of 1998, firings could...
...there's been no cancellation of orders," says Feldenkreis, "and there has been no notice that the situation is getting worse at the retail level. We are not projecting a slowdown in our sales." The domestic retailers to which Supreme International sells do not seem alarmed. If anything, the Asian debacle is working to their advantage: Feldenkreis, who buys 85% of his clothing and raw materials from Asia, says the crisis there has actually reduced his costs. Absent traditional warning signs, what is he supposed...
Another problem that companies face--and one that managers must solve quickly--is the phenomenon of Asian companies' flooding world markets with cheap products made even cheaper by Asia's falling currencies and by a desperate need to find new markets. The Pharmed Group of Miami, with $65 million in sales and 140 employees, has watched as its sales of latex gloves were hammered by this new competition. The company used to ship 2 million gloves a month to South American customers. Now, says president Jorge de Cespedes, "the Asians are dumping their products on our customers at such...