Word: globalization
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Dates: during 2000-2009
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...There aren't a lot of places in the world these days where consumers speak with that kind of confidence. With the U.S., Japan and all of Europe mired in the worst global recession in 30 years, China has shown a restorative strength that six months ago many doubted it had. A devastating slump in exports crippled growth late last year, but on the back of a $586 billion government stimulus program - about 13% of GDP, spread over two years - China has snapped back. The economy grew 7.9% in the second quarter and will now probably expand 8% or more...
...Numbers alone do not capture the sense that the balance of global economic power is shifting eastward. There have been several moments that seemed to crystallize the zeitgeist, none more memorable than U.S. Treasury Secretary Timothy Geithner's speech in June before the best and the brightest at Peking University, the Harvard of China. Not long ago, students there would have been the most respectful and polite of audiences. Yet when Geithner tried to reassure one questioner that China's investments in U.S. government debt were "very safe," the response was perhaps an indication of the onset...
...unquestioned leader of the global economy, is now in the midst of a disorienting shift in economic policy, away from the let-it-rip form of capitalism that has guided it for almost 30 years and toward more overt government control and regulation of huge swaths of the economy. No one yet can safely say whether this is wise, but in the U.S. it is certainly the stuff of increasingly fierce debate. No such doubts are evident in China, where the government reacted to the crisis with alacrity and the economy is now responding in kind...
Bratton stated several reasons for leaving aside from completing the goals he began with: the challenge of the new post as well as monetary gain and the chance to influence policing approaches on a global scale. He and his wife's also want to return to New York; and Bratton says he wants to live closer to his 83-year-old father in Boston...
...Baltimore, government subsidies to boost car manufacturers hit by the recession have been a huge short-term success. But where will the consumers come from when the government aid runs out? "These scrapping schemes bring forward sales that would have occurred later," says Tim Urquhart, automotive analyst at IHS Global Insight in London. "They are just deferring the pain...