Word: europeanization
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Dates: during 1970-1979
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Last year 43% of the cotton products bought by Europeans were made abroad, in many cases by firms set up by European manufacturers. The most prominent suppliers were Hong Kong and South Korea. All these countries were simply taking advantage of the high wages earned by European textile workers. In Belgium the average hourly wage is $9.17; in West Germany, $8.80; in Italy, $5.78. Textile workers get 98¢ an hour in Hong Kong and 62¢ in South Korea...
...damaging has all this been to European industry? A sampling...
...estimated 37% last year. In the past four years, Common Market governments have spent about $650 million annually in subsidies to keep the yards busy and 214,000 workers on the payroll. Even so, more drastic cuts are ahead. By 1980 the yards in the European Community are expected to build only half of last year's 5.4 million tons, and the number of workers will probably be reduced...
Autos. The road ahead is pitted with potholes, even though European automakers this year expect to produce 11 million vehicles, just under their 1973 record of 11.25 million. The most imminent threat comes from the Japanese, whose share of the Western European car market has jumped from .6% to 6% in the past ten years. The Japanese onslaught has also hurt European export sales, especially in the U.S. For the longer run, the U.S. automakers may pose a more formidable danger, now that they are making smaller, gasoline-sparing cars of the type that sell well in Europe...
Though West Germany continues to stand firm for free trade, pressure for protectionist measures is growing among other European nations. Last year the Common Market demanded that all its foreign steel suppliers freeze 1978 deliveries at 1976 levels. Also, 13 petrochemical companies formed a cartel in man-made fibers, carving up markets and agreeing to joint cuts in production. Says Fiat Chairman Giovanni Agnelli: "I don't at all like the idea of closing Europe off, but we must do it just for a while on condition that we emerge with a more competitive industry...