Word: globalization
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Dates: during 2000-2009
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...markets have been badly shaken by Putin's attack on steel giant Mechel, the breakup of the oil conglomerate TNK-BP (during which the Russians none-so-subtly squeezed out their British partners), and last summer's war with Georgia. And then, of course, there's the global financial crisis, which has hit Russia particularly hard. On top of all the economic woes, there's a shrinking population, a military that remains something of a joke and a problem with AIDS. Plus, you still can't (or shouldn't) drink a glass of tap water in central Moscow...
When Stan Shih founded computer maker Acer in 1976, he dreamed of creating a globally recognized brand. It was an ambitious vision for a start-up founded in a small Taipei apartment, but Shih, who's known as the father of Taiwan's formidable technology industry, eventually got his wish. Acer now ranks behind only industry giant Hewlett-Packard in the global notebook-PC market, with a 19% share, and is poised to overtake Dell as the second largest computer seller in the world. (Read "New Netbooks Debut at Taiwan Computer Show...
...largest chip foundry and one of Taiwan's most prominent firms. That was just one part of the island's big push. Other electronics manufacturers - makers of notebook PCs, memory chips, LCD panels and other essential components - also set up shop, establishing Taiwan as a force in the global IT industry...
...prime example of economic policies that lifted the island from poorhouse to powerhouse in a generation. But these days, the model that Taiwan has followed since the 1960s - concentrating heavily on building industries that could export to the wealthy West - has been exposed as dangerously flawed. Amid the global recession, electronics exports plunged 28% in the first half of 2009 compared to a year earlier, contributing to a 10.2% contraction of Taiwan's first-quarter GDP, the worst quarterly performance in the island's history. The government forecasts the economy will shrink by 4.25% in 2009. Even before the downturn...
...case for happy is that a mere nine months after the U.S. and Europe teetered on the brink of financial collapse, one of the stalwarts of the global financial system appears to have returned to robust health. Goldman has paid back, with interest, the $10 billion that taxpayers gave it in October. It's making bets and taking risks again (most of the profits came from Goldman's trading operations), which is what capitalism is about. "Is there a law in the United States that you can't make profits?" Democrat Paul Kanjorski, a senior member of the House Financial...