Word: dollarization
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Dates: during 1980-1989
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...main handicap at the moment is its high production costs, which analysts put at $11,500 an auto, compared with $9,800 at Ford and $9,300 at Chrysler. A prime reason, ironically, is GM's multibillion-dollar rush to reduce labor costs by installing robotic factories, many of which still have bugs. Example: at Detroit's Poletown luxury-car plant, the taillights on some models tended to melt in the automated paint-hardening ovens. The technology * should gradually become a financial advantage as it begins to operate more smoothly. Says Chairman Smith: "You know we are not making clothespins...
...relentless march. They are expected to export to the U.S. all 2.3 million vehicles permitted under their self-imposed quota this year, exceeding last year's 2.2 million -- a formidable achievement, considering that the value of the Japanese yen is more than 20% higher in relation to the U.S. dollar than it was a year ago. The currency hike, experts believe, has added about $1,300 to the average production cost of an imported Japanese car. Even so, industry executives estimate that Japanese compacts and midsize cars still cost roughly $700 less to produce than their American equivalents...
With a $1 million dollar donation, C. Douglas Dillon '31, whose family has played a central role in Harvard fundraising, last week established a Kennedy School professorship, Dean Graham T. Allison '62 recently said...
...decline in the gargantuan U.S. trade deficit is welcome news. Last week the Government gave cause for restrained cheers in reporting that the trade deficit narrowed slightly in September, falling to $12.56 billion, down $760 million from the previous month. The drop may have resulted from the weakened dollar, which has depreciated by as much as 40% against the Japanese yen and major European currencies since it peaked in February 1985. Declared Secre- tary of Commerce Malcolm Baldrige: "We have turned the corner on the trade deficit...
...that is hardly guaranteed. When measured against a wider group of currencies, the dollar is stronger than it seems. The greenback has fallen in value by just 6.8% against the Taiwanese yuan and has risen 4.3% against the Korean...