Word: europeanization
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Dates: during 1970-1979
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...European statesman predicted recently that Communists will join the Italian government in 1977 and the French government in 1978. How much does this matter...
...once robust Japanese economy. In the third quarter of 1976, Japan's gross national product limped ahead at the annual rate of 1.3% (compared with 3.8% in the U.S.). In other years, Japan could hope to spark its economy by increasing exports. But both U.S. businessmen and the European Community have complained that underpriced Japanese goods are already flooding their markets (see ECONOMY & BUSINESS). They demand that Tokyo sell less and import more. As a former Finance Minister and one of his country's leading economics experts, Fukuda is expected to increase government spending and provide businesses with...
Londoners tooling along the Thames in their Toyotas, Parisians strolling by the Seine listening to their Sonys-innocent signs, it would seem, of the healthy bustle of global commerce. But to European officials worried by sluggish growth and high unemployment in their home economies, the omnipresence of Japanese products is a clear and present danger to production and jobs. In 1970 countries in the European Community bought $300 million worth of goods more than they sold in trade with Japan. In 1975 the trade deficit was more than $3 billion, and in '76, reckons the nine-nation group...
...Japanese and European economies are by nature competitive rather than complementary, since their manufacturers make the same types of products-but the Japanese place a greater stress on foreign sales. Since World War II, aided by a supremely motivated work force and a gigantic worldwide marketing-intelligence network, the Japanese have made exports the cutting edge of industrial growth. Kinji Yajima, an economist at the Tokyo Institute of Technology, says frankly: "The very efficiency of this Japanese machine makes it ruthless...
Western Europe, which imports most of its oil and draws a large share from the OPEC countries that are raising prices 10%, will be harder hit. According to preliminary figures, the nine members of the European Economic Community will have to pay an extra $4 billion a year in fuel costs and will see their composite rate of growth in production shrink from 4% to 3.25%. The Japanese, who draw 37.4% of their oil from Saudi Arabia, were relieved. They believe their recovering economy can absorb the increase without suffering any serious cutback...