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and particularly the labour market, greater protection of the basic living standards of workers and more planning than did the system that had come to be called capitalism. It is apparent that the strong performance after the Second World War of the European and American economies surprised many people, and changed attitudes. Unemployment was low. The economic growth rate was high and the lion’s share of the population experienced rising living standards. It was widely recognised that post-war capitalism was structurally different from that of pre-war days in a

in Market relations and the competitive process
The resurgence of Route 128 in Massachusetts

years in Massachusetts (late 1970s to 1985) were also a time during which new business models, with superior new product development and innovation performance standards, were being developed in other regions. The Japanese extended the Toyota production system to the Canon model that set new standards for rapid new product development and incremental innovation (see table 9.1).7 This model established a technology management capability that integrated applied research and production in the service of product-led competition. The Canon model established new performance

in Market relations and the competitive process

’s involvement ensured that management time was devoted to utilising a facility which was no longer viable.11 Similarly, though, Moston, Gem Mill and some of the computer and Scottish factories proved to be major financial millstones impeding divisional performance. One especially wonders about the wisdom of buying the factory adjoining the Wythenshawe site, while some of the Oldham facilities required such extensive modernisation that valuable resources were soaked up in this process. Furthermore, because of the continued failure to streamline intragroup activities

in Ferranti: A History
Why China survived the financial crisis

China in both its external trade account and external capital account, nevertheless, like the Great Wall, China not only remained conspicuously insulated from a region-wide financial meltdown of unprecedented severity, but the mighty dynamo fueling its economy has missed only a few beats during the crisis and since.1 China’s ability to sustain a strong gross domestic product (GDP) growth performance of 8.8 per cent in 1997 and 7.8 per cent in 1998 and over 8.0 per cent in 1999,2 continued success in attracting foreign direct investment (FDI),3 in running healthy

in The Asian financial crisis
Open Access (free)

methodologies used by Lehman incorporated a variety of inputs, including prices observed from execution of trades in the marketplace as well as their own traders, ABX, CMBX and similar indices which track the performance of a series of credit default swaps and other market information, such as data on remittances received and cumulative loss data on underlying obligations. Their methodology was not quite as rigorous as might appear, since ‘each trader had a different method for valuing the CDOs and there was no consistency from desk to desk’. 11

in Lehman Brothers
Abstract only

feed on the annual budget deficits. It feeds itself further by continually adding new amounts of debt, owing to the interest which cannot be paid because the weak performance of the economy cannot ensure repayment. The figures then show a continual rise in debt as a percentage of GDP, a continual deterioration in the situation. Tangible proof of this is how Greek debt developed, despite the attempts to stabilise the country in 2010. In the spring of 2010, it fluctuated around a level of 140% of GDP; a year later, despite austerity, it had reached 150%. Calculations

in The European debt crisis

. Analysis widely held that it would take years to return to normal conditions and that the required reforms would inevitably have major social and political costs. At the same time, international ratings agencies were becoming increasingly anxious over the performance of the French economy. A growing number of discussions were taking place regarding the continuation of France’s AAA status. The downgrading of this status would clearly indicate that the crisis had now struck at the heart of the EU and was no longer confined to the peripheral countries. There were growing

in The European debt crisis
Problems of polysemy and idealism

necessary conditions for economic activity rather than merely contingent associations, abstracting from them is likely to mislead. Moreover, the argument is not only that these dimensions are universal features of economic activity, but that in their more highly developed forms they can benefit economic performance, and that, conversely, where they are limited, performance suffers. This, as Ronald Dore argued in 1983, posed a fundamental challenge to the liberal individualist view of capitalism, which regarded the narrow pursuit of individual self-interest as sufficient

in Market relations and the competitive process
Abstract only

bottom,1 indicating how the September 1989 announcements had affected its financial health. Over the course of the following three years, it proved impossible to improve on this record; indeed, one might argue that performance deteriorated significantly, undermining the claims made at successive AGMs and EGMs that there was light at the end of the tunnel.2 After all of the disposals and closures, by the end of 1990 the group was also described as ‘a ragbag of businesses’, few of which were capable of generating the profits required to alter dramatically the group

in Ferranti: A History

the company’s innate technological resources. Even though he was often described as being quietly spoken, and physically as far from the image of a Texan cowboy portrayed in newspaper headlines as one can imagine, he did not pull his punches: Any dispassionate observer would see that you need to enhance the performance of the company over the next year or two, even forgetting the ISC problems. If you look at the profits over the last five years, they have been flat and declining. In the first six months of this financial year the company lost £115 million.27 This

in Ferranti: A History