Word: booming
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Like Rockefeller and Andrew Carnegie, Morgan believed in free enterprise but had seen enough of unbridled competition. For much of his career, he had assembled financing for the railways whose stupendous growth had revolutionized the U.S. after the Civil War. Boom and bust, duplicated routes, desperate price cutting and collapsed enterprises--the bumpy realities of the railroad business left Morgan with a horror of economic disorder. Profits required stability. Stability required concentration. Concentration meant trusts...
...Dublin. The son of an Irish Republican Army officer, Haughey's lengthy political career was marred by corruption allegations, including his trial in 1970 on charges of gunrunning for the I.R.A. (he was acquitted). As Taoiseach, his economic policies helped kindle Ireland's "Celtic Tiger" boom, but his last years in office were dogged by allegations of insider trading, conflicts of interest and tax evasion; he resigned in 1992 amid a phone-tapping scandal. In his farewell speech, borrowing from Othello, Haughey told the Irish parliament: "I have done the state some service and they know it." Numbers 7 Number...
...Initiatives like that are encouraging. "Add infrastructure and a flexible labor policy and boom! We'll have so much foreign exchange coming in we won't know what to do with it," says Rahul Bajaj, chairman of Bajaj Auto. But the country has made false starts on the road to modernization before. Is this time different? "I don't think this party can be spoiled," says Shirish Sankhe, a partner at McKinsey in Bombay. "No one wants to stay out of India...
...have read plenty about the rise of Asian tigers and the Chinese dragon. Now here comes the elephant. India's economy is growing more than 8% a year, and the country is modernizing so fast that old friends are bewildered by the changes that occurred between visits. The economic boom is taking place at a time when the U.S. and India are forging new ties. During the cold war, relations between New Delhi and Washington were frosty at best, as India cozied up to the Soviet Union and successive U.S. Administrations armed and supported India's regional rival, Pakistan...
...bank and hundreds of brokerages and investors have set up their Indian headquarters there, including such global powerhouses as HSBC, JPMorgan Chase and Bank of America. Bombay's port handles half of India's trade, and its southern business district is one of the centers of the global outsourcing boom. India's music industry and much of its media are based in Bombay, as is India's Hindi film industry, Bollywood. Such a concentration of business activity breeds a sophisticated, cosmopolitan outlook--hence Bombay has India's best hotels, bars, restaurants and nightclubs. And every day, according to the official...