Word: globalization
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Dates: during 2000-2009
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...President Barack Obama this week urged the world's top economies to adopt aggressive, America-sized spending programs. "It's very important to make sure that other countries are moving in the same direction, because the global economy is all tied together," he said. (See pictures of Barack Obama's family tree...
...dominate next month's London summit of leaders from the G-20 group of top economies. "I do not have high expectations for London," says Nicolas Véron, a scholar at the Brussels-based economic think tank Bruegel. "Not everyone will follow the U.S. just because of Obama. Global solidarity solutions are fiendishly difficult both to decide and to enforce. There is a growing realization that regional or national responses are preferable wherever possible...
...Germany has been especially reluctant to countenance any Europe-wide stimulus plan - let alone global action - despite unveiling two domestic spending packages totaling $97 billion. Berlin insists that every country's case is unique; its own preference is for guarantees and investments rather than outright bailouts, while being careful to dampen price surges (the country is still haunted by memories of hyperinflation in the 1920s). (See pictures of the dangers of printing money in Germany...
...Convincing Japanese of the need for change is never easy, but Ozawa finds himself tantalizingly close to power precisely because the country so urgently needs fresh ideas. The global recession has hit Japan harder than any other developed nation. Exports are plummeting, Japan's economy is contracting at double-digit rates and the country's industrial giants are reeling. Rarely has "stay the course" seemed so grossly inadequate as a solution, yet the LDP seems unable to mount a credible recovery effort, and the public is fed up with the bumbling half measures of party hacks. (Read "Sony's Woes...
...peak in 1989, and recently hit a 26-year low.) Banks that had once been the envy of the world had to be recapitalized. Growth picked up again after the turn of the century, as demand in China and the U.S. grew, only to be clobbered by the global recession and the collapse of external demand. In January, Japan's exports were an astonishing 46% less than they had been a year before...