Word: asianness
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Dates: during 2000-2009
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...countries do not have a specific ban on forced marriages and instead prosecute the practice under laws forbidding kidnapping or sexual, physical or mental abuse. "Forced marriage affects men and women from all over the world and across many cultural groups," says Dr. Mohammad Talib, professor of contemporary South Asian studies at Oxford. "Historically, forced marriages also occurred among members of the British aristocracy...
...True, those Asian and European firms flocked to the South to avoid Detroit's high-cost culture. But while southern auto employees extol the union-free, right-to-work rules of their states, the truth is that they might still be earning the basement-level wages of a Mississippi textile worker today if the UAW hadn't leaned on the likes of Mercedes in Washington. "Mercedes wanted a much lower pay scale when it arrived here," says Cashman, who notes that veteran southern autoworkers now earn "only fractionally less" than the average $27 an hour for Detroit workers (and often...
...watch the Big Three bailout saga unfold in Washington from halfway around the world here in Hong Kong, a phrase comes to mind that used to be commonly heard in Asia: "Too big to fail." There was a time when politicians, bankers and bureaucrats in Asian countries thought that certain large enterprises were simply too important to go bankrupt, no matter how miserable their performance. The resulting unemployment would be unacceptable, the impact on the financial sector and economic growth too great. That, in effect, is the same argument being used today by supporters of a government rescue...
...Take, for example, the 1999 collapse of South Korea's gargantuan Daewoo Group in the wake of the Asian financial crisis. The end of Daewoo, one of the country's four largest industrial conglomerates, was a shocker, but not because anyone was surprised by Daewoo's abysmal financial condition. That was obvious. The group was amassing dizzying amounts of debt in an ill-conceived global expansion (especially at its car company). A year earlier, I had called Daewoo's madcap strategy "corporate suicide" in the Wall Street Journal. The surprise was that policymakers and bankers had the guts to allow...
...Daewoo failure looked catastrophic. Daewoo, it turned out, had about $75 billion in debt and other liabilities - a hit the Korean banking sector could ill afford. The banks had just been yanked from the abyss by a government bailout (sound familiar?) made necessary by the 1997-98 Asian financial crisis. And the timing also could not have been worse: the economy was emerging from its deepest recession since Korea's accelerated growth began in the early 1960s. Arguably, a Daewoo collapse was more threatening to Korea than, say, a GM bankruptcy would be to the U.S., simply because the Korean...