Word: globality
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Dates: during 1990-1999
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...much of Southeast Asia in revolt or under water and North Korea sending a little surprise birthday present Japan's way, perhaps professors in other parts of the world will also start sitting quietly after a loud backfire and listening for sirens. Living in the half-century of truly global war, and a decade of unprecedented terrorist attacks within the United States of both homegrown and imported evil, the North American continent is not necessarily a safe place...
...market, up as much as 19% this year, has given it all back and could easily finish the year with more losses. We're only weeks from hearing corporate confessionals about depressing third-quarter results. And with Asia's ills spreading to Russia and Latin America, profits overall--for global companies, most acutely--could well decline in the next few quarters. That's part of what has Wall Street so angst ridden, and it's why the investment game has changed fundamentally over the past few weeks. When the market is priced for perfection, a lot can go wrong...
DIED. AKIRA KUROSAWA, 88, cinematic visionary whose visceral and visually compelling films integrated Japanese culture into the global movie idiom and inspired a generation of Western directors; in Tokyo. Rashomon (1950), the tale of a murder seen four ways, first brought him fame outside Japan, its title now a byword for the fragility of truth. Even as his samurai epics like Throne of Blood (1957) and Ran (1985) borrowed from the West, particularly Shakespeare, movies outside Japan borrowed from him: The Seven Samurai is at the heart of The Magnificent Seven; The Hidden Fortress is concealed in Star Wars...
...trying to change the subject, but he also may be right. In a speech Monday before the Council on Foreign Relations in New York, President Clinton drew attention to the global market meltdown and called for an emergency meeting of world financial leaders to draw up a plan of action. "He's doing what he should be doing," says TIME reporter Bernard Baumohl. "We're seeing the greatest threat to world economic growth since the Great Depression, and that's a situation that demands decisive political leadership...
...players. "The crisis demands a response on the scale of the Marshall Plan," says Baumohl. "But Japan is paralyzed, Europe is cautious and Clinton's presidency is weakened. They're unlikely to muster the political support for the spending required by such a plan." With the effects of the global downturn looming just over the U.S. horizon, Clinton's '92 campaign mantra sounds more current than ever...