Word: marketization
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Dates: during 1990-1999
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...General Electric, which began the century as an industrial company with sales of less than $16 million and, catching almost every wave, evolved into a diversified manufacturing and finance colossus with strong positions in media and information. This year's sales are expected to exceed $100 billion, and with market capitalization of $302 billion, the company is in a close race with Microsoft for the title of Most Valuable. GE chairman Jack Welch isn't the innovator that GE's founder Thomas A. Edison was, but this son of a railroad conductor and lifelong GE employee would certainly...
...collegial. One hundred years ago, business was done by virtual dictators--men laden with riches and so much power they could take over a country if they wanted to. That's not acceptable anymore. But if it hadn't been for Henry Ford's drive to create a mass market for cars, America wouldn't have a middle class today...
...WILLYS JEEP The general-purpose vehicle that carried G.I.s during World War II created the off-road market. Then came Jeep's renaissance as the progenitor of the sport-utility vehicles favored by suburbanites...
Merrill, you see, was the first person to openly advocate that the stock market should not just be a plaything for Wall Street insiders but should also be an avenue for the broad mass of Americans. Decades before founding Merrill Lynch, he coined the phrase "Bringing Wall Street to Main Street." For the last 17 years of his life, that's what he tried to achieve with his new firm, which became a laboratory for his grand experiment. Today when we conjure up the names of the great American financiers, we tend to think of people like J.P. Morgan...
...there be any doubt that the democratization of the markets is the single most profound financial trend of the past half-century? The statistics certainly bear this out: by some measures, half of America's households now invest, compared with only 16% in 1945, and mutual funds alone hold more of America's financial assets than banks do. Indeed, a strong argument can be made that the small investor, far more than the professional trader, is the true foundation upon which the modern bull market has been built...