Word: globalization
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Call it the Ka-Ching dynasty. After decades of relying on exports and investment, China's leadership is targeting domestic consumption as the most enduring driver of economic growth. Not only are there more Chinese with money to spend, the still fragile state of the global economy makes self-reliance an imperative. "As we stand at a new historical juncture, we must change the old way of inefficient growth and transform the current development model," Vice Premier Li Keqiang, the likely successor to Premier Wen Jiabao, declared at Davos in January...
...never realistic, the second best outcome for Washington - captured succinctly in a 2005 speech by the then U.S. Deputy Secretary of State and current World Bank president Robert Zoellick - would be for China to demonstrate it is a "responsible stakeholder." America would ensure that China benefits from the global system of international rules and laws developed since World War II and institutions like the World Trade Organization. In return, having acquired a stake in this system, China would realize that it is in its own enduring interest to support the pre-existing global order. (See pictures of U.S. Presidents...
...branching out into Hollywood - their domestic demands are just too great. Khan could because he had time to spare. Had Khan had better looks for the Indian industry or been given a break in mainstream cinema earlier, Time might not have had the opportunity to introduce him to its global audience. Premdayal Gupta Indore, India
...past six months, the carrier has added routes to Egypt, Israel and Turkey. Greece's $40 billion shipping industry--the country controls 22% of the world's oil-tanker fleet and nearly 25% of its cargo ships--should also prove immune to the financial maelstrom because of its global reach, according to Theodoros Veniamis, the president of the Union of Greek Shipowners. "Shipping is a cyclical business that operates worldwide," he says. "The current crisis won't have a direct impact...
...survive the financial mess, the Greek state must also go global. Athens needs to lure foreign investors aggressively, which means everything from offering tax breaks to helping investors navigate the bureaucracy associated with setting up shop. "We must transform Greece into a welcome place to do business," says Nikolaos Karamouzis, deputy CEO of Eurobank EFG, an Athens-based bank with $84 billion in assets in 10 countries...