Word: largest
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Dates: during 1980-1989
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...falling for the first time since World War II. Public outlays accounted for 50.6% of gross domestic product in 1984, vs. 51.1% the year before. Even Scandinavia, where the welfare state achieved its fullest flowering, has caught the spirit. Says Nils Lundgren, chief economist of PK Banken, Sweden's largest bank: "Deregulation, market solutions and free enterprise are the order...
...government. They thus became used to the state's telling the private sector what to produce, and this continued after the war. When the fighting stopped, most of Europe lay in ruins, and the government began directing postwar reconstruction. The British steel industry and Renault, France's largest automaker, were among the ventures nationalized...
...denationalize companies and promote business won control of the National Assembly. Now Mitterrand and Prime Minister Jacques Chirac are locked in a struggle over terms for selling off state-owned corporations. A particularly heated battle has raged over Chirac's efforts to sell TF1, France's oldest and largest national TV channel. Strikes and marches have protested the transaction, and a poll found that 56% of those questioned were against the deal...
...clearest indications has been the transformation of IRI, a vast state-run conglomerate that dates back to Mussolini. The 1,079 firms in IRI's portfolio include Alfa Romeo, Alitalia airline and Banca Commerciale Italiana, the country's second-largest bank. While this leviathan was losing nearly $2 billion a year, previous governments had been reluctant to touch it. Craxi encouraged IRI's new president, Romano Prodi, to take bold action. He promptly laid off 47,000 unionized workers and raised more than $3 billion by selling all or part of 35 companies and other holdings...
...stock-market catastrophe. But, surprisingly, there was nothing akin to a major panic on the floor of the New York Stock Exchange last week, even as the four-year-old bull market took a sudden nose dive and the Dow Jones average of 30 industrial stocks suffered its largest single-day decline in history. Only six days after breaking through the 1900 level for the first time ever, the Dow plunged 61.87 points, to 1839, on the week's opening day. On Tuesday the bears were again on the prowl, as the Dow dropped an additional 18.27 points...