Word: globalize
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Dates: during 1990-1999
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There's nothing like a good global disaster to bring people together. At least, according to Hollywood. The feel-good disaster flicks which hit big at the box office seem to tap into a never-ending supply of optimistic sappiness: In the face of imminent apocalypse, humankind will find the necessary resilience to join forces and overcome...
...tend to think of it over there, but the sweatshop phenomenon is global, in our own backyard," Reich said...
...global economy also requires different structures for policy coordination. The enhanced role that emerging-market economies play in the global system calls into question the relevance of the present Group of Seven structure of world economic summitry. As events and decisions in Brazil, China and East Asia contribute heavily to stabilizing the economic system or wreaking havoc on it, it is about time that an economic and monetary policy coordination structure be put in place that integrates the new important players--even if this means that some members of a previously exclusive club will lose their privileges...
There is relief because the global meltdown that many feared a year ago has not materialized. "We got very close to the edge of a financial crisis we haven't seen since the 1930s, which had the potential of pulling into that vortex the financial institutions and markets of the core economies," says Kenneth Courtis of Deutsche Bank Group in Tokyo. "The hole was so big, you couldn't see the bottom." But the ho-hum reaction of world markets to Brazil's currency collapse shows, says Courtis, "that the emerging-markets crisis at least in this virulent first phase...
...that debt-fueled consumption and big current account deficits were "a sword of Damocles." Though that danger may not be immediate, Hormats noted, it is probably behind efforts by U.S. Treasury Secretary Robert Rubin and Deputy Secretary Lawrence Summers to push for Europe and Japan to do more for global economic growth: "I think they see this vulnerability coming down the road, and they want to head it off as much as they...