Word: marketing
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Dates: during 1980-1989
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Western Europe has turned in its best economic performance in 15 years. Stock markets are at record highs, company profits are surging, and a mood of optimism prevails as the Continent's businessmen discover a dynamism that many thought had long deserted the Old World. Look at London's vast Docklands, where a reborn city with elegant housing and sleek office buildings is rising from what was once a wasteland of derelict wharves and warehouses, the relics of Britain's mighty trading empire of yesteryear. Boats rush commuters up the Thames to the City, London's financial heartland and center...
...Western Europe seems to have rediscovered the political will to advance the stalled process of economic integration and further the old dream of Continental unity. In a bold venture eyed warily by the rest of the globe, the twelve members of the European Community* have pledged to unite their markets by Dec. 31, 1992, creating the world's largest market and trading bloc. West Europeans have few illusions about their ability to create a United States of Europe. Even within individual countries, regional rivalries are still pronounced, and the Continent's cultural diversity will continue to be a barrier...
...approaches, there is fear that Western Europe will erect protectionist ramparts to shelter its rich new market. Dependent on global trade for their prosperity, most Europeans recognize the need to prevent such an outcome. But even if Western Europe remains open for business, the Continent's growing stature is bound to produce further strains in its relationship with...
...Community's comeback is the E.C. plan to put in place something that Americans take for granted: a single marketplace in which goods, services and workers can circulate freely, and where competition can reward efficient enterprise. In 1957 the E.C.'s founding treaty promised just such a common market, but although member states dismantled intra-Community tariff barriers, they retained a bewildering barrage of regulations to restrict trade and curb competition. Although Western Europe has no immediate plans to create a common currency, E.C. countries have already made significant progress toward their goal of unstitching the area's patchwork quilt...
...that European companies still are a long way away from having the critical mass necessary to stand up to the competition," concedes Gianni Agnelli, chairman of Italy's Fiat. Still, some success stories show that Western Europe has not been entirely eclipsed at the high-tech end of the market, where the battle for survival will be keenest. Airbus Industrie has emerged as Boeing's main competitor in the lucrative commercial aviation sector. While the U.S. struggles to regain momentum in its space shuttle program, Western Europe's Arianespace, the commercial arm of the 13-nation European Space Agency...