Word: ethical
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Dates: during 1980-1989
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Curing the urge to splurge, says Harold Nathan, an economist for Wells Fargo Bank, will be a "painful, grueling process," since American consumers have so many incentives to spend rather than save. Easy credit, proconsumption tax policies and an ethic of materialism have collaborated to turn the 1980s into the Spree Decade. "You work to have what you like, when you like," explains Nino Merenda, 31, a hair stylist in Skokie, Ill. "At this stage, I'd rather have a nice car than money in the bank." In fact, Merenda owns two cars: an Alfa Romeo and a Fiat...
Ironically, the Japanese do not have a long tradition of thrift comparable to the Puritan ethic, which for centuries conferred upon Europeans (and, subsequently, Americans) a sense of moral rectitude for every penny saved. A dedication to saving became ingrained in the Japanese psyche only in the late 19th century, when the government, under Emperor Meiji, began cajoling the people into saving to supply capital for industrial modernization and, later...
After World War II, government policy continued to reinforce the saving ethic. In a mirror image of the U.S. system, interest income in Japan is exempt from taxation, while interest payments on loans do not qualify for tax credits. The Japanese have always saved, rather than borrowed, to finance such major purchases as cars or houses...
Several of Peterson's teammates said they respected his work ethic and skills as a motivator. "He really cares about his teammates," said Dulsky. "He's a hard worker [and] a great representative for the Harvard football team...
...over Western Europe last week, governments were rethinking, at least momentarily, one of the most successful economic gambits of the past few years: the sell-off of state-owned assets, known as privatization. Until now, that sell-off has been Europe's most open homage to the free-enterprising ethic of Reaganomics. The theory was that bloated state businesses would slim down after privatization, streamlining operations and improving profits as well as stanching flows of government...