Word: boom
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Dates: during 1970-1979
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...several other countries (Britain, France, Italy, Canada), the governments are pursuing austerity programs that are holding down production and jobs. Worldwide, the consumer spending boom that opened the year has fizzled as it became apparent that unemployment and inflation would not come down quickly. Businessmen in the U.S., Europe and Japan, still shaken by the 1974-75 recession, have failed to invest in new plant and equipment anywhere near as rapidly as had been expected...
...system relating price and wage increases to worker productivity. The eventual guidelines: 3.2% a year for wages, zero average for prices. After Kennedy won a celebrated confrontation with steelmakers and got them to cancel a price boost, inflation rates stayed low until the Viet Nam War touched off a boom that overwhelmed the guidelines...
...however, believes that guidelines can succeed if the Government overheats the economy by pumping in too much money. The White House cannot persuade unions and companies to obey guidelines in a boom atmosphere-but that is far from what the U.S. has today...
...Plains it's more than a matter of loyalty. A Carter victory guarantees a minor boom on Main Street. Contractor Abbett was already thinking about facilities for the Secret Service and Georgia troopers: "I hope I get my share of that work." Angie Stevens, manager of the Back Porch, a post-convention sandwich shop, had a forthright view of Election Day: "If he wins, we'll be here for five more years. If he loses-well, we've had a helluva good time...
...Crisis. As dissent flourishes, Poland's economic crisis deepens. Although Gierek's government brought about an unprecedented boom in the early 1970s, the economy has recently been feeling the stress of inflation in Western Europe. The Soviet Union, responding to the oil crisis of 1973, increased the price of vital crude oil for the Poles 150%, to $8 per bbl. To make matters worse, Poland was hit by severe droughts in 1974 and 1975, forcing it to buy $2 billion worth of grain from...