Word: montedison
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Dates: during 1980-1989
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...nation of loss is indeed in poor shape. Government-subsidized industries-steel, cement, autos, shipbuilding, airlines-are losing money at the rate of $5 million a day, partly from inefficiency, partly from political pressures. The vast Montedison petrochemical complex, for example, could save an estimated $180 million annually by firing 9,000 redundant workers among its 114,000 employees. But union leaders will not agree, and politicians who made raccomandaziones for those workers in the first place do not want to get involved...
...such losses would be considerably worse were it not for the nation of profit. Small business everywhere is surprisingly strong. In the Tuscan city of Prato (pop. 160,000), for instance, the profits of family-owned textile businesses amounted to $1.5 billion last year, or about as much as Montedison and the rest of the chemical industry lost. Prato has 15,000 "factories," of which 13,000 employ ten people or fewer. The yellow stucco houses present strange sights: family wash hanging out of the upstairs windows, while lower floors are filled with spindles, looms and dye vats...