Word: globalization
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Dates: during 2000-2009
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...guest on financial-news programs and websites - and he's as gloomy as ever. Over breakfast in Hong Kong recently, the New York University professor talked with TIME's Michael Schuman about the perils that lie ahead if governments do not do more to confront the myriad problems facing global financial markets and economies...
...pictures of the global financial crisis...
...Brazil and Russia will repay the loans in crude oil supplies to China over the next two decades. Russia will ship eastern Siberian oil, while in Brazil, China hopes to get a share of major offshore fields which have recently been discovered. So, no matter what happens to the global economy, China is assured steady oil supplies over the next 20 years from two major oil-producing countries, in regions which are far more politically stable than China's suppliers in Africa...
...that crucial meeting China's buying spree is aimed at soothing Western anger about the country's economic policies. "This is a smart diplomatic move," says Damien Ma, China analyst at the Eurasia Group in Washington. "China is seen as whittling down its trade surpluses." (See pictures of the global financial crisis...
...China's buying spree has, however, been selective. The United States was conspicuously absent from its global shopping itinerary. The last major Chinese bid to buy a U.S. company ended in diplomatic disaster, when the China National Offshore Oil Corp. or CNOOC offered to buy the California oil company Unocal in 2005, in a deal worth about $18.5 billion, and a backlash in Congress prompted the angry Chinese to withdraw the offer. Unocal was finally sold to Chevron. More recent Chinese investments in the U.S. have also fared badly: Beijing has lost billions in recent months from investments in Morgan...