Word: dollarization
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Dates: during 1980-1989
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Nordstrom. In the low-margin, highly competitive world of department-store sales, Seattle-based Nordstrom has turned exacting standards of customer service into a billion-dollar annual business. The rapidly expanding chain, which has 45 stores in California, Washington, Oregon, Alaska, Montana and Utah, has drilled its staff incessantly with the venerable dogma that the customer is always right. Result: the chain's sales, 73% derived from women's retailing, passed the $1 billion mark for the first time in 1985 and reached an estimated $1.6 billion for 1986. Sales per square foot of space, a basic retail performance yardstick...
...many analysts, it seemed that the previously irrepressible stock market was finally beginning to reflect the same economic uncertainty that last week kept the U.S. dollar bobbing against the Japanese yen and the West German mark. The latest official statistics presented at best a mixed picture of the health of American business. They put inflation last year at 1.1%, the lowest rate in a quarter-century, but also revealed that the economy was growing at a much slower rate -- 1.7% in the fourth quarter of 1986 -- than the Reagan Administration had expected...
DESCRIPTION: Minimum wage from 1950 to 1987; figure in background holds up dollar sign...
...from those who claim that an increase will only lead to higher unemployment and inflation. Hiking the minimum has a ripple effect on the pay scale, says Mark A. de Bernardo, manager of labor law at the U.S. Chamber of Commerce. "When you raise somebody's wages by a dollar," says De Bernardo, "then those people who are making a dollar more have to be raised as well." Higher labor costs to employers, he contends, will lead to higher prices and less service for consumers. Moreover, employers would fire laborers to make ends meet. If the minimum is raised, says...
...around the world last week, the mood in money markets was akin to panic. The dollar dropped to a six- year low against the West German mark and fell precipitously against the Japanese yen. Behind the sell- off loomed the mammoth U. S. trade deficit. -- An important study argues that U. S. export controls on high technology do not work properly and hurt American business...