Word: boom
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Dates: during 1960-1969
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Broad and Deep. The U.S., said Johnson, continues to enjoy an unequalled economic boom. "Our prosperity is broad and deep," he said. "It's brought record profits, the highest in our history, record wages. Our gross national product has grown more in the last five years than in any other period in our nation's history." The G.N.P. was $589,200,000,000 when Johnson took office; for calendar 1968 it is $861 billion. Unexpectedly, he also announced that the U.S. has achieved an international balance of payments surplus for the first time since 1957, which should...
...this colorful collection the Italians have lately added a less likely hero: the industrialist. He has earned national popularity because he and his kind are transforming Italy. The industrialists have produced an economic expansion that Italians call Il Miracolo or, simply, Il Boom, which has laced the countryside with crowded autostrade and studded the cities and villages with TV antennas. More fundamentally, Il Boom is converting Italy from a peasant society that served an elite into a consumer society that caters to the mass of the country's 54 million people...
...Boom itself is a target of protest, both because it is there and because there is not more of it. Italian Novelist Alberto Moravia echoes U.S. Economist John Kenneth Galbraith when he complains about the affluent society: "The priority given here to goods compared with that given to social and cultural needs shows the degree of our corruption. Italian industry thinks only of the expansion of consumption. And it is not with culture, but with money, that one buys." Many of the critics, particularly the protesting student extremists, take their prosperity for granted and never knew the general privation...
...successful technique of expanding its model lines as its market grows more affluent. In 1964, Fiat introduced its 850, a mightier mouse but cheap enough (at $1,280) to sell well in that year's recession. Since then, largely at Gianni's urging, Fiat has followed Il Boom with medium-priced cars and then luxury models. In all, the company now builds 20 models, including its sporty 124, which is becoming Europe's Mustang, and the Fiat-Dino, a 120-m.p.h. job that costs $6,000. Unlike the earlier
...shifting their preferences from speculative stocks to those with more fundamental values. Kenneth Ward, senior vice president of Hayden Stone, expects a rising interest in steel, chemical, airline and utility stocks, which should do better than high flyers in a quieter economic climate. "For the short term, the speculative boom is over," says Research Director Walter Stern of Burnham & Co. "Too many people have been buying too many stocks for the wrong reasons. There has been a race for instant profit based on tips and stories of impending deals. The bubble has to burst...