Word: boom
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Dates: during 1970-1979
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...1920s were so prosperous that Republicans did little more than enjoy the boom and take credit for it. They moved closer to Big Business and pursued the twin policies of high tariffs and low taxes. The loudest dissenting voice was that of farmers, whose prices fell throughout the period. The era was symbolized by the presidency of the flinty Yankee Calvin Coolidge, who did and said as little as possible. The country, he was sure, could run itself?and for a time, at least, he was right...
...boom-or-bust U.S. airline industry, profits have been about as permanent as a jet contrail in a wind-blown sky. Yet last week there was evidence that at least some form of profitability had returned to the nation's eleven major scheduled carriers; it is expected to stay intact through the busy summer tourist season and probably through the end of the year. One by one, the airlines reported sharply increased second-quarter earnings-or dramatically reduced losses-v. the savagely depressed similar period of a year ago, when the recession was cutting deeply into pleasure and business...
...Santa Fe spends money heavily on keeping its roadbed in good repair even in bad times. Says Operations Vice President Larry Cena: "You can't just be doing maintenance work when business is good. That's when you need the plant." During the Russian wheat sales boom in 1973, the Santa Fe picked up much extra business from rival roads that lost precious time doing essential repair work to prepare their tracks to handle the traffic...
...reports the Japanese Ministry of Labor in a recent White Paper, this traditional arrangement is being challenged by enormous pressures for change. Japan's long postwar boom, in which the G.N.P. grew by an average of around 10% every year, has ended, and Japanese economic planners are expecting a modest 5% to 6% annual growth rate. Such a condition of low growth will necessarily cut job opportunities: unemployment has already crept up from a minuscule 1% to 2%. In addition, warns the White Paper, the composition of the labor force itself has radically altered. It is getting older...
...Baby Boom. Until recently there was a torrent of young Japanese flowing into the work force-the product of the "baby boom" of the late 1940s and early 1950s. But because the yearly birth rate has subsequently dropped by 50%, the bulk of today's labor force is aging rapidly. In 1970, working males in the 45 to 64 age group accounted for 26.8% of the total. By 1980 the same group will form 33.9%. Since the lifetime employment system rewards seniority, labor costs must rise as the proportion of older workers grows-a worrisome prospect in a heavily...