Word: succession
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Dates: during 1970-1979
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Special Conditions. Sweden's hybrid economy rode out the recent worldwide recession rather well. The Swedish gross national product grew (albeit modestly), and unemployment was minimal (49,000, or 1.2% of the labor force, as of last May). The success of Stockholm's antirecession measures (like subsidizing production for stockpiles in order to keep employment high) was praised as an example of adroit fine tuning by the Organization for Economic Co-operation and Development. Yet the price Sweden paid for combatting unemployment this way was a sharp decline in productivity and a high rate of inflation (currently about...
Died. Arnold Gingrich, 72, longtime editor and publisher of Esquire magazine; of cancer; in Ridgewood, N.J. A former advertising copywriter, Gingrich became Esquire's founding editor in 1933 and developed the success formula for the nation's first modern "man's magazine": slightly risqué cartoons, articles about sports and politics and polished short stories by such topflight authors as Ernest Hemingway, F. Scott Fitzgerald and Thomas Wolfe. Gingrich resigned in 1945. Returning to a floundering magazine in 1952 as its publisher, he hired some freewheeling young editors and gave the magazine its characteristic bold, jaunty tone...
Since insurers are far from eager to be assessed to pay GEICO's claims, they may yet band together to save the company. Wallach and GEICO officials could conceivably soon decide to consider the reinsurance scheme a success if only 30% of the premiums are taken over. There is also a slim chance that the D.C. Department of Insurance may exercise its legal right to take over management of GEICO, though Wallach has not yet suggested it. Whatever happens, the fiasco could well rekindle congressional interest in setting up a federal body to insure insurers the way the Federal...
...Such success has inured window designers and their bosses to the inevitable complaints. Mary Avant, designer for Foley's department store in Houston, put together a weird display called "Black Magic": two male mannequins in black jockey shorts, four females in black evening wear. All the figures were spray-painted black and had limbs suspended apart from the torsos. "A little old lady came in and screamed, 'Oh, God, how horrifying!' " relates Avant. The store manager shrugged off the protest: two days later Foley's had no more of the garments to sell...
...success is an iron demand for efficiency. A decade ago, B.C. shocked family-conscious Koreans by abruptly firing two of his three sons who were Samsung managers. "They were not fit to hold executive positions," he explains. "The life of a man is short, but that of a corporation must never be." To keep his companies healthy, Lee keeps them lean. When he started the afternoon newspaper Joongang Ilbo (current circ. 680,000) in 1965, he built up a talented staff of 1,400. Today Joongang has expanded into radio and TV, but still employs only 1,400 people...