Word: capitalisme
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A few years ago, the Chinese called it their "Going Out" strategy. State-owned companies in key industries were being encouraged by the government to plant the flag of Chinese capitalism around the world by purchasing stakes in foreign companies. China was booming, flush with cash and full of optimism...
There may be another miracle in the making. Because unfettered capitalism is widely blamed for the global meltdown, economists and laborers alike say Brazil has become an example of what Lula likes to call "the financial strategy of the future." By that he means a postideological approach that is equal...
Indeed, the strife caused by the credit crunch only heightens the importance of economic unity. A shared currency, cross-national lending, and numerous Western investments in the East intrinsically link the welfares of European countries. Should one country go under, the detrimental effects felt across the whole of Europe would...
If early last September you'd parked outside Lehman Brothers' Manhattan headquarters with a cell-phone scanner and listened only to some of the "chatter" coming out of Lehman's front office, you almost certainly would have realized that Lehman was going under. But to understand the wider consequences, how...
Poland's zloty has dropped 29% against the euro in the past six months, the Hungarian forint by 20%, the Romanian Ieu 17% and the Czech koruna 12%. Latvia has now followed Romania in seeing its government bonds labeled as junk by Standard & Poor's rating agency. (Its government was...