Word: cheapness
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...economy revives. "When demand goes up, wages will follow," Bush says. No doubt faster growth, when it comes, will help boost employment and stabilize pay. But it is unlikely that wages will rebound quickly. The world has changed. The spread of technology and skills, of Internet communication and cheap shipping, means that today more U.S. firms must compete against foreign rivals that are more formidable than ever. And this requires holding down wages...
...long, the architects staggered the wall panels and put windows at the far points—like lights at the end of the tunnel. The interiors of the apartments are bright as well. The kitchen cabinets are light-colored wood laminate, an elegant alternative to Formica or some other cheap material. The floors are cork, a natural material matched by cork trees that will be integrated in the landscaping below. My only complaint would be that in the mid-rise, there are no corner windows, which would have taken better advantage of the view. This is understandable, however, since corner...
...important new player in the global oil market. Although each day brings fresh accounts of breakdowns in the country's crude-oil machinery--fractured pipe-lines, controls damaged by looters, rusting equipment, 1970s technology in the 21st century--Iraq is the only country capable of flooding the world with cheap oil on the scale of Saudi Arabia. And that poses a major test for Washington...
...ever since oil was discovered near Kirkuk in 1927, within miles of the biblical fiery furnace of Nebuchadnezzar. The Iraq Petroleum Co., jointly owned by U.S., British, French and Dutch oil giants, drilled the first well. It gushed at a rate of 100,000 bbl. a day. That much cheap oil was the last thing the international oil companies wanted. They clamped a lid on the well and sat on the field through the 1930s because the world was awash in oil, and prices were already depressed. Texas crude had fallen from...
...intrepid companies like Chinaveg are doing with farming what's already been done in manufacturing: leveraging China's cheap labor and growing domestic market to build a low-cost export operation. The best potential profits lie outside China, especially in Japan, which imports more than $3 billion in agricultural products annually, and in South Korea, which will ease its import restrictions in 2004. China already ranks as Japan's No. 1 source of imported fresh vegetables (the U.S. ranks second) and is No. 2 in processed fruits and vegetables (after...