Word: westernism
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Dates: during 1970-1979
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...they awaited this week's two pointedly paired economic gatherings -the OPEC oil ministers' price-setting meeting in Geneva and the summit of the leaders of the seven top industrial democracies in Tokyo-the men who guide the Western economies were fairly exhausting their vocabularies of gloom...
Such gloom is justified; another substantial hike in oil prices could well nudge the Western world into recession. But for a number of reasons a new downturn might not be as severe as the one that struck in 1973-74. Then, the first round of OPEC price hikes helped kick off a global recession that quickly became the longest and deepest that the U.S., for one, had experienced since the 1930s. Moreover, when the oil price explosion occurred, the industrialized nations were all lined up at the crest of a simultaneous boom. They all skidded into recession together, and many...
Japan and the Western European countries were slow to bounce back from the recession and suffered through a lingering period of sluggish production and relatively high unemployment. By contrast, the U.S. economy rebounded fairly smartly: production picked up, and joblessness fell from its 1975 peak of 8.9% to the current 5.8%. But the U.S.'s solo recovery brought problems. Prosperity sucked in imports, but American exporters found little demand for their goods abroad. Then, too, the nation's dependence on ever more costly foreign fuel increased, lifting the U.S. oil import bill to boggling heights-$40 billion last...
Would Tehran's avowedly anti-Western regime honor the contracts for providing modern new industries and services signed during the Shah's long buying spree? The first strong hint came last week, and it was not encouraging-especially for U.S. firms, which hold an estimated $10 billion in Iranian orders...
When Pope John Paul II made his historic homecoming to Poland earlier this month, hundreds of Western journalists covered the trip as they would any fast-breaking major story, constantly revising and updating their reports as events unfolded. But their Polish counterparts had no such need for speed and flexibility. The content of their stories-and the number of accompanying photographs -had been largely dictated by the Polish Communist Party's Central Committee weeks before the Pope arrived...