Word: dividend
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Editor's Note: This is the first is an occasional series of open letters to President Neil L. Rudenstine to offer suggestions on how to spend Harvard's "Peace Dividend"--the money we will receive in the coming year as part of the $2 billion fund drive...
...called a "new management philosophy" for Japanese business. In essence, he urged that companies be less aggressive in capturing markets, especially abroad. At home, he wrote, they should build a more humane and fair society by, among other things, lowering working hours, paying higher salaries to workers and increasing dividend payments to shareholders. In order to pay for all this, Morita concluded, companies may have to raise prices and abandon the market- share strategy...
...there goes the peace dividend. Oh, well. So much for domestic policy...
After months of predictions, the long-awaited peace dividend began arriving last week -- in the form of pink slips for thousands of defense workers. Connecticut-based United Technologies (1991 revenues: $21.2 billion) announced plans to slash nearly 14,000 jobs, or 7% of its work force, with more than half the cuts coming from defense and aerospace programs...
...discover instead that life being life, the end of this great war no more brings the Edenic revival than did the end of World War I or II. The first effect of the peace dividend, we learn, is unemployed defense workers. Far from revival, we come home to recession...