Word: britishized
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...History doesn't repeat itself," Mark Twain is supposed to have said, "but it rhymes." Does America in 2009 rhyme with the Britain of 1909? Back then, the British were finishing a proud century as the most important nation on earth - economically, politically, militarily, culturally. But the U.S. was coming on fast, having already overtaken the Brits economically. Between the beginning of World War I and the end of World War II, as America turned into the unequivocal global leader, Britain became an admirable also-ran, radically diminished as a global player. If the 21st century rhymed, China would...
...global economic system then than it is now. But given the retaliation from America's trading partners after the new tariffs were applied, few would argue with Zoellick's assessment that the contraction of trade in the 1930s made the long downturn worse than it needed to be. "Protectionism," British Prime Minister Gordon Brown told TIME recently, "is the road to ruin...
...better off must be as old as the first moment anyone swapped cowrie shells for some cooked fish. Organized trade is ancient: silk did not get to Rome because the Romans figured out sericulture; someone imported it from China. But it took until 1817, and the work of the British political economist David Ricardo, for anyone to cloak a theory around something that humans had been doing since time immemorial. Ricardo showed that if nations concentrate on what they do best - those things in which they have a comparative advantage - and trade for the rest, their welfare will increase...
...British engineering firm Xtrac has come a long way in its 25 years. From two tiny offices, the company, which designs and manufactures hi-tech gearboxes for racing cars, now occupies a sleek, 88,000 sq. ft. (8,200 sq m), purpose-built site in Berkshire, a one-hour drive west of London. Xtrac sells its lightweight, high-strength components to the majority of teams competing in Formula One, motor racing's blue-ribbon championship. But the road ahead suddenly seems a lot bumpier. With Formula One teams racing to cut costs amid the economic downturn, Xtrac is selling fewer...
...refinance $2 billion in loans for the JLR deal. "That's a major cash-flow crunch for them," Jajoo says. The company is pursuing several options: floating shares of Tata Motors, rolling over the JLR loan at a higher interest rate, and getting a bailout for JLR from the British government. "Tata Motors is progressing on the refinancing options and discussing with banks," a spokesman said. It can also tap funding from stronger sisters within the Tata Group, which controls 98 companies in sectors ranging from steel to technology services. But "the whole group is under major debt," says Swarup...