Word: boom
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Dates: during 1960-1969
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...stringent import restrictions. Shopkeepers did a brisk business in transistor radios, cameras, electric appliances, cosmetics, perfumes, wines. In one Pangim shop alone, Indian soldiers bought 1,400 Max Factor lipsticks. Truckloads of refrigerators were purchased by army officers for shipment home. But the days of the modest boom are numbered. High on the agenda of the Indian government is the introduction into Goa of the same import bans that apply to the rest of India...
...penny-wise nation of shopkeepers. In their leisure time, more and more, they turn into pound-foolish gamblers. Spurred by the liberal new Betting and Gaming Act, which makes it easier than ever to have a "flutter," Britons by last week were in the midst of the biggest gambling boom in their history. In 1961, they have gambled away some $3 billion, 62% of their 1961 budget for defense. Dance halls and movie theaters (including many in the J. Arthur Rank chain, hard hit by TV) have been transformed into bigtime bingo parlors. "Fruit machines," as one-armed bandits...
...Illinois Central Railroad. A similar $250 million project scheduled to begin next spring will also rise above the Illinois Central's tracks, and the air space above Union Station is being measured for a $150 million development that will include three 20-story office buildings. The building boom is furthering the architectural confusion along Michigan Avenue. Last week the Equitable Life Assurance Society announced that it will erect a modern 35-story structure on an avenue site bought from the Chicago Tribune...
...architects are fretful ("We're going to have a fantastic glut of office space and apartments"), most are convinced that Chicago is growing fast enough to fill the buildings that are popping up all over town. Says William Hartmann, a vice president of Skidmore, Owings & Merrill: "The boom represents the solidification of the Midwest as an industrial center and as a place to invest...
...Calendar. All these symptoms of boom rang a tocsin in the minds of those who feared they meant higher interest rates and a consequent stifling of economic growth. But, as one Government economist noted last week, to assume that this recovery must produce increased interest rates because previous ones did so is to "substitute calendars for analysis." In the 1961 recovery, the most important upward pressures on interest rates are notably missing...