Word: marketeers
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Dates: during 1970-1979
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...herbology, kinesiology, esoteric breathing techniques, and organic sprouts from an outfit called Pinch of Love in Athens, Me. Mountains of books, too, by the star speakers and other luminaries. Sample titles: Stories the Feet Have Told Thru Reflexology, Rebirthing in the New Age. Here, in a continual flea-market atmosphere peopled by folks who say "head" when they mean "mind" and "I feel" when they mean "I mean," are posters, pamphlets and sleek brochures promising still other shindigs where the secret of life may be gleaned...
Shipbuilding. Western Europe's share of the world shipbuilding market plunged from more than 80% in 1950 to an 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...
...Tehran airport has been jammed by wealthy Iranians trying to get out, carrying with them an estimated $20 million to $50 million in savings a day. Poorer villagers, hurriedly withdrawing money from the suddenly vulnerable banks, have been stuffing their mattresses with currency and buying gold. On the black market the value of the Iranian rial has plunged...