Word: boom
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Dates: during 1970-1979
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...falter in early 1979 and lead the economy into recession. Detroit's automakers, most of whom had underestimated the strength of this year's sales, almost unanimously expect a repeat of 1978's performance next year. Real estate brokers, pointing to high demand from the now grown "baby boom" generation, predict a banner year in 1979. Yet many economists agree with Vice President Ted Tung of Continental Illinois Bank, who warns, "There will be a substantial slowing of consumer spending in the next six months...
...state of New Jersey is cashing in on the boom too, by means of a casino tax that skims about 8% of the house's winnings. The state originally projected that the tax would bring in $18 million a year by 1980, when four or five casinos are expected to be operating. But the daily take at Resorts International is already high enough to bring in that amount of taxes a year...
...Kondratieff Cycle. In the 1920s Russian Economist N.D. Kondratieff theorized that capitalist economic development proceeds in up-and-down waves of 50 to 60 years each, which are determined by the confluence of invention, investment and trade. As Rostow explains it, the elements that caused the postwar boom (rapid technological advances, expanding trade and growing population) have lost their momentum...
...share the work. In the late '60s and early '70s, the company had to reduce its payroll drastically due to the cutbacks of its aerospace programs. Though the company has added some 8,000 workers to help build the new superjets, it wants to avoid another boom-bust cycle. Boeing's first choice for a partner would be British Aircraft Corp., which would give the new planes a European flavor and make them easier to market within the European Community. So far, the British have not decided whether to join Boeing or Airbus. The United decision...
...influx of well-to-do foreigners to California in the past two years or so has resulted in the biggest real estate boom in Los Angeles since the invention of the cinematograph. An estimated 20% of all property in the chic Beverly Hills-Brentwood-Bel Air area is now foreign owned. Iranians have nicknamed Loma Vista Drive "Aga Sheik Hadi Avenue," after the street where many lived in Tehran. Says Elaine Young, a Beverly Hills real estate broker who has sold palatial properties to foreigners from many countries: "Southern California has become the world's rich melting...