Word: marketization
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Dates: during 1990-1999
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...looked so unsinkable as it does today. With 5 million customers booking passage last year--a 10-fold increase from two decades ago--major carriers such as Carnival and Royal Caribbean have steamed to record sales and profits. They have turned a once snooty form of travel into mass-market vacations for people like Ken and Sherry Nunn and daughter Ashley, an Indiana family that recently spent three nights aboard Royal Caribbean's cozy 2,250-passenger Sovereign of the Seas. "Everything's right there, and you don't have to run yourself crazy looking for something to do," says...
...public consumption, the cruise captains have been shouting, "Welcome aboard!" They contend, as they always have, that the seafaring market is still largely untapped, with just 8% of North Americans having taken a cruise. That leaves plenty of room for bookings to continue to grow a robust 9% to 10% a year. "Our philosophy is, 'If you build the ship, they will come,'" says Rich Steck, a spokesman for Royal Caribbean, which is spending more than $2.8 billion to add seven new liners to its 16-ship fleet by 2002. "We're banking on that heavily...
...high school senior is one of millions of Americans who have hitched their computers to the tireless bull market. Once the preserve of a few computer-literate plungers, online trading could account for nearly 30% of the projected 227 million securities transactions at retail houses this year, according to Piper Jaffray, a Minneapolis, Minn., investment firm. "It's been on fire," Bill Burnham, a senior analyst at Piper Jaffray, says of online trading. "Hands down, it's the most successful area of consumer-based electronic commerce...
...allure of do-it-yourself trading is transforming both Wall Street and Main Street. Traditional brokerages, whose lock on vital information made them the market's gatekeepers, are changing their approach, and their fees. Meanwhile, a frenzied mob of e-traders has linked itself to a rapidly growing number of web trading sites. Today there are over 60 e-brokers, more than twice the number of a year ago. Many are electronic branches of such giants as Charles Schwab and Fidelity Investments, but others, like E*Trade and Datek Online, dwell mainly in cyberspace. The e-brokerages themselves have been...
...million this year. Forrester Research, which tracks the online industry, expects that the number of accounts will more than quadruple by 2002, to more than 18 million. There are now upwards of 8.4 million active Internet users with portfolios in excess of $100,000, according to @plan, a Connecticut market research firm. "There are huge numbers of people on the Internet with sizable portfolios who aren't yet shopping for stocks and mutual funds online," says Mark Wright, @plan's CEO. As a result, notes Eugene Ludwig, former U.S. Comptroller of the Currency, the projected growth curve for online trading...