Word: europeanization
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Dates: during 1970-1979
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...European recovery, which seemed in early summer merely to be slowing down, now shows signs of petering out altogether. The Paris-based Organization for Economic Cooperation and Development reckons that the average rate of expansion in Western Europe will not increase at all for at least the next twelve months from its present lackluster 2.75% a year, hardly sufficient to create jobs for the more than 7 million Europeans currently out of work. Unemployment, which has stood at record postwar levels in some countries since 1974, is expected to grow still higher in the next ten months, from...
...Many European governments are thus under enormous pressure to seek higher growth. Citing "the preoccupying problem of unemployment," French President Valéry Giscard d'Estaing last week announced a $1.1 billion infusion of government spending for public works and family allowances, the second stimulative effort this year. Britain's trades unions are pressing Prime Minister James Callaghan for a large "catchup" pay boost and a major expansion program to create jobs. Even wealthy West Germany, which has sorely disappointed the rest of Europe (as well as the Carter Administration) by failing to push very hard...
Bonn could well afford a program of expansion, but most other European governments are strapped. Last week Denmark, faced with both 10.4% unemployment and a projected trade deficit this year of $1.7 billion, felt forced to impose a $1 billion tax increase. Sweden, expecting a $3.6 billion balance of payments deficit by year's end and struggling with an annual rate of inflation at about 16%, last week devalued the krona by 10%, and is considering other austerity measures. The country also pulled out of the European monetary "snake," the collection of currencies tied to the West German mark...
More fans are also being attracted by the better quality of play, on the part not only of the European imports but also of Americans. The Cosmos, who field players of eleven different nationalities, have a Brooklyn-born Harvard graduate in goal named Shep Messing (each team is required to start one American and have at least five others on the roster). Indeed, after the championship game, Pelé symbolically acknowledged the improvement of the U.S. players by giving Jim McAlister, Sounder defender and Seattle native, and the league's rookie of the year, a souvenir that any soccer...
Especially in industrialized northern Italy, black labor exists only with the eager cooperation of official business. Companies lease sophisticated and expensive machinery and make direct loans to help families set up cellar factories whose workers labor all hours to meet delivery dates. Even the biggest Italian and other European-owned subsidiaries may buy components from suppliers who use black labor (U.S. subsidiaries prefer to play by the official rules). For some companies, use of the secret labor pool can spell the difference between survival and bankruptcy. Italian industry is bound hand and foot by prounion laws that make it virtually...