Word: businessmen
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Dates: during 1970-1979
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...starters, Mayor Abraham Beame proposed a "rescue fund" of $1 million from the city and $2.5 million from its companies; by week's end, businessmen had pledged about $2 million, and His Honor donated $100 of his own money. The Carter Administration put up $11.3 million in relief, and Governor Hugh Carey promised $500.000 in state aid. This will hardly dent the storekeepers' losses, which city officials estimated at $155 million (a sharp drop from their ballpark guess of $1 billion a week earlier). Merchants and property owners are also eligible for low-interest (6⅝%) Small Business...
...best hope for continued vigorous improvement in the economy is a long-awaited substantial boost in spending by businessmen-which could be beginning. Last month the Commerce Department disclosed that companies plan to spend $135 billion this year on new plant and equipment-about 12.3% more than was actually spent in 1976. Even so, no one expects a capital spending boom; businessmen remain unusually wary about the staying power of this recovery and have been keeping their wallets buttoned up much longer than they have at this stage of earlier postwar business cycles. Indeed, some economists are suggesting that reduced...
...economy entered an unchartered new era in which the old rules no longer apply? That question has been nagging many businessmen and policymakers who are concerned and puzzled about the persistence of relatively high inflation at a time of expanding employment and steady recovery. One man who thinks he has the answer is Dale Jorgenson, a Harvard economist whose thinking about the mid-1970s American economy is attracting increasing attention...
Germany, whose businessmen are rapidly becoming enthusiastic investors in the U.S. For years a kind of national taboo in Germany against "exporting jobs" limited U.S. ventures to capital-intensive firms like chemical-making Bayer or Hoechst. Now a conviction is spreading that, as one leading German banker put it, "our domestic market is saturated, and our population is overaged and shrinking. It's just prudent business that if you have a market, your production should follow." With that argument, Volkswagen's boss, Toni Schmucker, persuaded German unions and political leaders that an American plant was vital...
...currently huge import bill (TIME, July 11), foreign investments in manufacturing have helped provide jobs (1.5 million by Commerce's reckoning) and broaden the tax base of local governments. Foreigners, for their part, are often surprised by the freedom of operation they enjoy in the U.S. Foreign businessmen find a tolerance of competition that would be inconceivable in their own countries. Example: Lucas Industries, the big British auto-parts maker, dispatched one of its top men to Detroit to announce that it intended to attain sales of $500 million a year by 1980-at the expense of U.S. companies...