What does reckonging and de facto mean in the following sentences?
The American century has just begun the American crisis and that happened in just 25 years.That is the theme of David Halberstam's latest book called the reckoning . It is the story of Ford Motor Company and the story of Nissan, a Japanese car maker since the late 1930s.It is now a very successful importer to the us. Basically,Halberstam ,believes the American automobile industry Detroit since the Second World War,became a shared de facto monopoly ,failing tolisten to congress, failing to notice Japan. And mostly failing , he says ,because the Car companies ,came under the control of the finacial people rather than the car people.
Last edited by sky753; 30-Nov-2007 at 01:00.
And in this context means a summing up of events with a subtext of accounting for things done.
In your example, de facto means that they existed as a monopoly without the authority to be a monopoly, and without admitting that they were a monopoly. Look here: de facto - Definitions from Dictionary.com
Is it possible that "reckoning" here means "a time when you are judged or punished for your actions, or when they have results that affect you: "?
As from the context, only their own development were paid attention during the American century, disregarding the bougeoning of Japanese Industries, as a result, the Japanese has forged the capability to compete with the Americans and the Americans had to suffer!
It could indeed be seen as another layer of meaning.