Word: globalization
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Dates: during 2000-2009
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...Wuling minivan dealership on the outskirts of the western Chinese city of Xi'an provides hope for the future of the global economy. On an ordinary Wednesday morning, customers steadily stream into the showroom, briefly open and close the doors to the displayed minivans, manufactured by a joint venture between General Motors and two Chinese carmakers, and then march over to the front desk to plop down their money. While salesmen in the U.S. struggle to move cars off their lots, Xu Zhanrong, the deputy general manager of the Xi'an dealership, can barely keep the Wulings in stock. Sales...
...words should be music to the world's ears. As debt-laden consumers in the U.S. retrench, increasingly wealthy Chinese consumers could become one of the most important sources of growth for the global economy. Shoppers in China are opening their newly stuffed wallets wider than ever. Passenger car sales surged 76% in October from a year earlier, while overall retail sales jumped 16.2%. Such spending has contributed to China's robust recovery from the global economic crisis. Gross domestic product grew a hefty 8.9% in the third quarter from a year earlier. (See TIME's photoessay "The Making...
Such efforts will take years to bear fruit, however time the global economy may not be able to afford. Economists agree that China and the United States must alleviate the imbalances that contributed to the current crisis if the world economy is to find renewed, and healthier, growth. China saves too much and spends too little, leading to giant surpluses and hard currency reserves, while the U.S. saves too little and spends too much, creating giant deficits and debt. Unless China can transform its citizens from savers to spenders, the reform of the entire world economic system could suffer...
...Arrow, 88, a professor emeritus at Stanford, says he is "baffled" by the U.S.'s refusal to support the plan. The cost of global artemisinin combination-therapy subsidies, he says, would run only about $300 million a year, a relatively small amount compared to campaigns to fight HIV/AIDS and tuberculosis. Drug subsidies alone won't eliminate malaria, he admits, but combined with indoor mosquito spraying, bed nets and proper monitoring of what different areas need, Arrow says, "the world can eliminate malaria...
This message has been received warmly by both political leaders and the nations they represent. According to a poll this summer of public opinion in 21 major countries by the Pew Global Attitudes Project, a median of 71% of the population said they have a lot of confidence in Obama to do the right thing in world affairs. Just a year earlier, President George W. Bush had scored just 17% in the same measure. In some parts of Asia, Obama's popularity is particularly high, with 85% of the Japanese public and 81% of the South Korean public expressing confidence...