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Whether he likes it or not, that fortune is bound to attract attention. DLF is, after all, the hottest property developer in one of the hottest markets in the world. India's economy has grown more than 8% a year for the past four years, boosting demand for houses, offices, megamalls and hotels. Land prices in some areas have tripled in value since 2004, while office rents in Mumbai (formerly Bombay) and New Delhi are now more expensive than those in Paris, Hong Kong or midtown Manhattan. Yet the boom may still have room. Merrill Lynch forecasts India's property...
...just about every Supreme Court justice. As a result, keeping Chavez in power until 2021 (his stated goal, the 200th anniversary of Venezuelan independence) if not longer could eventually make him, by default, a kind of "democratator," a democratically elected dictator. At the very least, says Jones, "it's bound to set off some alarms about the constructs of democratic government...
...early August, American Home Mortgage, a mortgage lender with little subprime exposure, declared bankruptcy, stoking speculation that troubles are bound to spread to securities backed by higher-quality mortgages. It didn't help when lenders Countrywide and Washington Mutual subsequently issued dire warnings about losing liquidity because so few people want to buy mortgages on the secondary market right now. "One of the most interesting things is, we don't know who's going to suffer," says Karl Case, a housing economist at Wellesley College. "Obviously, the people who get foreclosed against suffer. That goes without saying. But who bears...
...that has become all too familiar for Marion Blakey, administrator of the Federal Aviation Administration (FAA). A severe thunderstorm hits a hub airport like Dallas-Fort Worth, grounding all of the planes there for two hours. Soon those delays spread to airports nationwide, and flights that weren't even bound for Dallas could be canceled. By that point, tens of thousands of passengers might be affected and millions in revenue lost by the airlines. And when the next storm hits, it will happen all over again...
...story of the Koan fakes is one of many in Nayan Chanda's Bound Together: How Traders, Preachers, Adventurers and Warriors Shaped Globalization. While most of us consider globalization to be a purely contemporary phenomenon - conjuring up images of multinational coffee chains and multilingual call centers - to Chanda it is as old as humanity itself, and as complex and unpredictable. It "has worked silently for millennia without being given a name," writes the author, a former editor of the Far Eastern Economic Review now at the Yale Center for the Study of Globalization. And it moves through "a multitude...