Word: sectored
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Until recently, California's burgeoning service sector and smaller-than-average manufacturing sector helped buffer the state from trouble. But the national recession eventually eroded California's splendid near isolation from the economic woes of the country at large. Signs of economic pressure are now evident across the state's diversified industrial base. By next June General Motors and Ford will have closed four out of five automobile assembly plants in the span of three years. The once booming housing industry is expected to finish the year with only 60,000 housing starts, down from...
...Madrid confronts a contradictory challenge: to deal with Mexico's economic problems, he must win the cooperation of key elements of his own ruling coalition, notably organized labor and the bloated 1.6 million-member public service sector. In the best of circumstances an austerity program on the scale that De la Madrid must carry out would risk provoking social upheaval. But in Mexico's case there is another danger, the possibility of tearing the country's unique political fabric in such a way as to limit the P.R.I.'s ability to cope with unrest...
...that is so, why does the P.R.I, retain such massive support? One reason is the fear of a return to political instability. Another is the party's permeation of daily life. Says a foreign analyst: "Every sector of society owes, and is owed to." Equally pervasive is a traditional respect for authority, which is channeled into support of the P.R.I. Despite the periodic calls for a truly competitive party system and the strains imposed by the current economic crisis, that combination of factors makes continued P.R.I, control one of the few sure things in Mexico's future...
Guido Carli, former governor of the Bank of Italy, noted that in the past ten years, 15 million jobs were created in the U.S., compared with virtually none in the European Community. The jobs, he said, were in the service sector, not in manufacturing, where unemployment has continued high on both sides of the Atlantic. Said Carli: "Employment has to be created in services and small businesses, but I believe that in Europe we are not moving in that direction...
...minute inaugural speech, De la Madrid outlined a ten-point austerity program for "reordering the economy." It included deep cuts in government spending and higher prices for public sector goods. (The next day gasoline prices were doubled.) He promised to peg the peso at a more "realistic" rate of exchange and announced plans to restructure the federal bureaucracy and eliminate waste...