Word: steel
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Dates: during 1980-1989
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Controversy over the location of the U.N. is as old as the institution. In the aftermath of World War II, the Allies haggled for months before choosing the U.S., partly to assure American support. Ever since the soaring, book-shaped glass and steel headquarters opened for business in New York in 1952, diplomats have been complaining: about the city's dirt, crime, traffic and high housing costs. In June, the Soviet Union formally objected that the U.S. had failed to halt thousands of obscene phone calls to its mission...
Basic manufacturing industries such as steel, machine tools and construction equipment, which depend on high levels of investment, will keep on suffering. "The really critical issue," said Greenspan, "is the decline in the capital-goods markets." The ratio of capital spending to consumption has dropped about 10% since 1979, and TIME'S economists feared that the investment rate may not return to prerecession levels. In that case, the U.S. would increasingly be living off its capital stock rather than adding...
...Changes, Steel...
...contradictions and paradoxes bewilder any one who tries to chart China's future. Chinese have synthesized insulin, flung satellites into space, made nuclear bombs ? yet do not supply their villages with adequate common matches. Baoshan, the huge new steel complex near Shanghai, is a state-of-the-art operation. But steel production requires heavy cargo of both coking coal and ore, and the river creek on which the Baoshan plant was built could not take heavy-laden ships. So iron ore must be shipped to the Philippines and then transshipped in small boats to Baoshan...
...filled only with portraits of Mao. In Chongqing, workers fought each other with machine guns, artillery, armored cars and tanks. In Harbin, the factions used air planes to bomb each other. In Peking, Red Guards stormed and burned the British embassy. In Wuhan, center of the great iron and steel complex as well as of several universities, steelworkers shaped up in three rival bands, while universities formed rival student bands, all warring within and against one another...