Word: globalization
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Dates: during 1960-1969
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Even in Mia's childhood, moviemaking was a global business. The nine Farrows trooped from Los Angeles to Spain, then on to London, where a series of tragedies began. "You can't be Irish without knowing the world is going to break your heart before you're 40," goes the Gaelic lament. For Mia the time was halved. Although the Farrow family life was chaotic and neurotic, there were still close alliances within its framework. In London at '13, she learned that her brother Michael, with whom she had been closest, had been killed in a private-plane crash...
...that it is. "The international monetary situation is still unstable," says President Karl Blessing of the West German Bundesbank. South African Finance Minister Nicolaas Diederichs has repeatedly predicted that an international flareup will come in the second quarter of this year. Princeton Professor Fritz Machlup, a top expert on global finance, expects a new currency crisis "in the foreseeable future...
...economy has far outstripped the comprehension of most individuals; even economists are at a loss for an abstract theory to explain it. But beyond dispute is the fact that never before has man transmuted energy and raw materials into wealth at such a fantastic rate. With 7% of the global land mass and 6% of its population, the U.S. produces about one-third of the world s goods and services. Every five years the American economy grows by the equivalent of that of West Germany, the third largest industrial nation. In 1968, the U.S. gross national product was twice that...
...Miserable Surplus. President Nixon also inherits some global economic problems. In international trade, the nation last year suffered a setback. As Under Secretary of the Treasury Frederick Deming reported, the trade surplus shrank to a "miserable $500 million, down $3 billion from 1967's respectable but relatively poor showing and down more than $6 billion from the 1964 level." Inflation, the Viet Nam war, and higher imports (see following story) share the blame. Only because many foreign investors poured funds into the U.S. was the nation able to achieve a $150 million surplus in its balance of payments...
...witnesses with evening gestures In a menacing place where ten were prohibited Many others were found missing in colossal purples And numerous raided halls. Martian Doctors recommend a low-cost global enema To divert the hot civet wave now tending To swamp nine thousand acres of Mozambique...