Word: ownership
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Dates: during 1980-1989
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Suddenly, the U.S. seems to have become a country for sale, a huge shopping mart in which foreigners are energetically filling up their carts. Result: foreign ownership in the U.S., including everything from real estate to securities, rose to a remarkable $1.33 trillion in 1986, up 25% from the previous year. By contrast, in a complete reversal of the situation only a decade ago, U.S. holdings abroad now total only $1.07 trillion. In addition to spurring fabulous hikes in real estate values and igniting corporate takeovers, the wave of foreign purchases has become an important force behind Wall Street...
...Japanese investors last December bought the Exxon headquarters building in Manhattan's Rockefeller Center for $610 million, the highest price ever paid for a Manhattan skyscraper. The British, who burned Washington in 1814, have now built or bought an estimated $1 billion in District of Columbia property, including part ownership of the famed Watergate complex. Esteemed U.S. corporate nameplates are also changing citizenship at a rapid clip. Doubleday books has gone to the West Germans, Brooks Brothers clothiers to the Canadians, Smith + & Wesson handguns to the British, Chesebrough-Pond's consumer products to a Dutch-British combine. General Electric television...
...countries, notably Canada and Britain, wryly point out that they have faced similar and even proportionately larger tides of foreign investment without losing control of their national destiny. Says Economist Alan Rugman of the C.D. Howe Institute, a leading Canadian think tank: "We in Canada have much more foreign ownership than the U.S. will ever have, and we're one of the wealthiest countries in the world as a result." Even so, Canada has suffered through prolonged bouts of unhappiness concerning foreign influence within its $379.3 billion economy and has occasionally lashed back at foreign investors, at substantial cost...
...value of their investments rise feel richer and freer to spend. Though the stock market is often thought of as a kind of casino for the rich, an estimated 50 million Americans, or more than a fifth of the entire population, participate in the market either through direct ownership of shares or through interests in mutual funds, pension funds and the like. Many investors who were not especially wealthy in 1982 have now joined the ranks of the rich; the long rally has created an estimated 2,500 to 5,000 new millionaires...
...youngster turned over the job to his mother. Says she: "He paid me a salary, but he made sure that he made a profit, believe me." These days Lewis still believes in delegating work. In the acquisition of McCall, he allowed its two top executives to take an ownership stake in the company as a way of motivating them. Then Lewis set goals for the managers, but refrained from looking over their shoulders. He is expected to stay out of the day-to-day operations of Beatrice International as well. "We rely on managers to understand their businesses," says Lewis...