Word: taiwan
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Dates: during 1980-1989
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...adjustment has not been easy. In such basic industries as shipbuilding, textiles and small electronics, Japan began losing customers to South Korea, Taiwan, Hong Kong and Singapore. Many Japanese firms had to cut production and sacrifice profits to remain competitive. Mazda, for example, saw its net earnings drop 77% in the six months ending April 30, compared with the same period a year earlier, as it struggled to keep its car prices down...
...draw most of the attention, about one-quarter of the U.S. trade deficit is the work of a pesky group of second-tier nations known as the newly industrialized countries. Once dismissed as marginal producers of chintzy clothes and toys, the NICs, which include South Korea, Singapore, Hong Kong, Taiwan, Mexico and Brazil, have gone upscale, producing everything from VCRs and computers to cars and commuter planes. By importing technology and deploying armies of low-paid but often well-educated workers, the NICs have been able to undercut competitors' prices in markets all over the world. From...
...jets' fuselages are decorated with the flags of some 30 countries where the Thunderbirds have performed. Peking officials insisted on the removal of one flag: the white sun and blue canton of Taiwan, visited by the Thunderbirds in 1984. Reluctantly, the Air Force agreed, but only temporarily. After the planes left China last week, they refueled in Thailand, where the Taiwanese emblems were restored -- right alongside the flags of the People's Republic...
...sheer size. Says Theodore Moran, a professor of international business diplomacy at Georgetown University: "We are not going to have our economy taken over by foreigners unless it continues to decline for 50 or 60 years." That holds true even though a couple of Asian shoppers, South Korea and Taiwan, have barely begun to make strides in the U.S. buyout market. Yet as foreigners continue to rush in, new American properties are constantly being built to balance the outside purchases. In real estate alone, the U.S. annually constructs some $30 billion worth of shopping malls, $10 billion worth of factories...
What is this Stakhanovite society? No, not Japan, for all its renown as the exemplar of dedicated labor. South Korea? Taiwan? West Germany? No, again. Every one of the trends cited is occurring in the U.S. -- the very country Richard Nixon once said was being overtaken by a "new welfare ethic that could cause the American character to weaken." Nixon need not have worried: 15 years after he voiced his forebodings, and as Labor Day approaches, every indication is that 112.7 million Americans by and large are working as hard as ever, and sometimes harder, even where the vaunted computer...