Word: marketization
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Dates: during 1990-1999
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...debate notable for its in-depth examinations of Social Security policy and the morality of the free market, nearly all of the Republican candidates made direct pleas to younger voters...
...headlock of a U.S. trade embargo. But this past summer the wily presidente sensed an opening. Philadelphia health-care-products giant SmithKline Beecham (a subsidiary of SmithKline Beecham in Britain) got the Clinton Administration's O.K. to pay Cuba some $20 million for the rights to test and market, in the U.S., a meningitis vaccine developed by Cuban scientists. Embargo rules still require SmithKline to pay initially in barter instead of dollars--a Yanqui condition that aides expected Castro to reject. To their surprise, he approved it. "We'll do this," he said, "as a humanitarian gesture for American children...
...next leader of Cuba will be from Cuba, not Miami," she says. "There are people there we need to start reaching out to." Freyre concedes that trading with Castro, now 73, could prop him up in the short run. More important, she insists, is ensuring that his successor is market- and democracy-minded. And since Castro blames the embargo for worsening Cuba's moribund economy--a cover for his own socialist blunders and human-rights abuses--why not take away his alibi? Even Cuba's leading dissident, Elizardo Sanchez, agrees. "After the fall of the Soviet Union," he says...
What's more, Cuba is no Shanghai. It is not an easy place to do business. Canadian and European executives warn that the island is an emerging market the way molasses is a river: the socialist bureaucracy is maddening; the military, headed by Castro's brother Raul, plays an inordinate role in business affairs; and some 85% of the wages that foreign companies pay impoverished Cuban workers (who make an average $15 a month) ends up in government coffers. Cuba's post-Soviet economy has made a comeback since it crashed in 1993, but the country has garnered less than...
...Although the Dow later backed off the record high, the euphoria may be a product of a paradigm shift in the shaping of economic indicators. After all, it seems counterintuitive that wage inflation wouldn't increase with the ever-expanding job market. "But this may show some things about the new economy," says Baumohl. "Increased productivity means that even though new jobs are being added, the prices of consumer goods aren't rising. And a growing number of employees are being at least partly rewarded in ways that don't show up in hourly wage inflation figures - extra benefits, bonuses...