Word: steel
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Dates: during 1980-1989
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...industry after industry, from textiles to steel, the leading edge of economic growth has moved from the once dominant U.S. and Western Europe to the fast-rising nations bordering the western Pacific. Since 1960 the gross national product of many Asian countries has grown, after adjusting for inflation, at an average annual pace of nearly 10%, more than twice the rate of the Western economies. To analyze the increasingly important role this region plays in the world economy, TIME has formed a Pacific Board of Economists, bringing together experts from four Asian states, Australia and the U.S. A report...
Flexibility. The members of the Pacific community have been able to adapt to the changing needs and wants of the world. They have built mammoth industries to make oil-drilling rigs and steel, and they have also cashed in on designer clothing and personal computers. Ironically, noted Chen, "the states that have been most successful are those that are very poor in resources, like Singapore, Taiwan and Hong Kong. They have not been tied down like Malaysia to tin and rubber...
...industry has suffered more in the current slump than steelmaking. Once the backbone of the nation's industrial might, steel firms have seen sales plunge to the lowest levels in 24 years while unemployment has leaped to an alarming 37% of the work force...
...Though steel has been plagued over the years by everything from strong foreign competition to outmoded mills and plants, the industry's biggest headache remains exorbitant wages, which now average $23.40 per hr., including benefits. That makes unionized steelworkers the most highly paid blue-collar laborers in American industry...
...construction crew worked steadily through the summer, removing concrete and steel, and installing new materials. And by the beginning of the season this fall, they had installed enough seats to hold the crowds at each pre-Yale game...