Word: demand
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Dates: during 1980-1989
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...diamond cartel has been able to impose the price increases largely because of intense demand from Japan, where the strong yen has made imported gems a bargain and young couples have developed a newfound fondness for diamond engagement rings. While many diamonds have become more expensive in the U.S., sales still sparkle aplenty. One reason: single professional women are increasingly buying their own gems -- in discreet sizes...
...little about their local products, opting for the meat-and-potatoes diet that was becoming obsolete in trendier cities. But inspired equally by nouvelle cuisine in France, innovative cooking in California, and the quality-wine industry developing in Washington and Oregon, a group of young Seattle chefs created a demand for indigenous herbs, seafood and game...
Going beyond the historical material, the book offers suggestions on how the U.S. might improve its trade policy and meet the Japanese challenge. For one thing, says Prestowitz, Washington should stop wasting time making sweeping demands that Japan "open" its markets by liberalizing its customs procedures and changing its distribution system. Try as it may, the U.S. is not going to get Japan to change the way it does business. Instead, Prestowitz says, the U.S. should demand a specific share, say 20%, of the Japanese market for a product and let Tokyo worry about how to achieve that goal...
Much of the excess demand can be traced to the federal budget deficit, which is expected to rise from $150 billion in 1987 to $165 billion this year. By pumping up the economy, the deficit encourages spending on imports. At the same time, the federal red ink helps keep interest rates high, which discourages investment in the plants and equipment needed to produce American goods that could be exported or substituted for imports. Says Investment Banker Felix Rohatyn: "Whatever we do on trade is a sham, a complete waste of time, unless we begin to tackle the budget deficit...
Sultan's instinct for pattern could have degenerated into a formula by now, especially given the market demand for his drawings, but it shows no sign of doing so -- though the small still-life paintings are perhaps another matter. Within his limitations, he is certainly an artist to watch...