Word: europeanization
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Dates: during 1970-1979
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...Confederation of Industry, openly forecasts "an era when private industry is no longer able to make a profit." In West Germany, Kurt Richebacher, chief economist of the Dresdner Bank, speaks of "a grave profitability crisis." In Belgium, Baron Leon Lambert, chairman of the Compagnie Bruxelles Lambert, flatly declares that European regimes are "impotent before the enormousness of the political, economic and social problems that confront...
...director of Holland's Algemene Bank Nederland, "most entrepreneurs regard the U.S. as the last bulwark of capitalism. They feel that America can hold out, and this is the main psychological factor behind the rising investment." Profit margins of U.S. corporations are now almost twice those of European firms, partly because productivity is higher. The U.S. has become something of a cheap-labor market in comparison with its European trading partners. Until the early 1970s, European labor was less costly than American. But all that has since changed. Washington devalued the overpriced dollar, inflation gathered momentum in Europe...
...heads his own $1 billion steel firm and is chairman of the German chambers of commerce and industry, shudders at the thought of a leftist victory in a Common Market country. Says he: "We cannot digest within the Community a Communist-dominated government." That may be so, although other European commentators are less fearful about Communist participation in Cabinets. Meanwhile, the U.S. Commerce Department has set up a new office of foreign investment to welcome all those well-heeled foreigners...
...days after the Fourth of July, they all turned out for Bastille Day. French Consul Jacqueline Dietrich borrowed a spit from a German neighbor, ordered supplies from Franz Kastner's gourmet delicatessen (Perrier water, lox and asparagus), invited the Swiss consul and representatives from Spartanburg's 40 European companies to celebration and song. Rudolf Mueller, manager of Menzel, Inc., a German-owned plant that makes textile machinery, was not there this time, but his mind was fixed on next October, when a Bavarian festival show band will arrive to play oompah music for the annual Oktoberfest...
...business six months earlier here than in Germany." Unit production costs, according to Mueller, are 5% to 7% lower in Spartanburg than in West Germany, while fringe benefits for the young, unskilled, nonunionized workers are not at all comparable to the cradle-to-grave cosseting of the European worker. Mueller, who raises a few cattle on the side, has found the economics of building textile machinery in the Bible Belt so favorable that he has been able to develop an export business. One of his customers: the Soviet Union...