Word: greates
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...China's overall economic vigor may continue to impress, but there are questions surrounding the quality of its performance. The People's Bank of China, the central bank, is giving great gobs of money to state-owned banks that, with Beijing's forceful encouragement, are lending to state-owned companies participating in infrastructure construction. Skeptics are frightened by the amount of cash being shoveled out the doors. The central bank recently announced that new loans in June totaled $224 billion. That was more than double the previous month's amount and brought new bank lending in the first six months...
...resilience of the Chinese economy is no mirage. If Beijing can come through the global crisis without an economic meltdown of its own, its leaders' reputation and confidence will be boosted. An economic model that survives the worst downturn since the Great Depression will have undeniable appeal in the developing world, at a time when the Washington Consensus is thoroughly shot. Beijing, before the crisis, was already rising, its global reach and influence expanding. As the rest of the world falters, that is truer than ever. China is not yet the leader of the global economy. But it's getting...
...years ago, I read a terrific collection of essays - It Must be Beautiful - on the great scientific equations of modern times. I loved it, but as I meandered through the book, I was struck by an unexpected poignancy. The first essays, by and large, described breakthroughs that had taken place in the laboratories of Europe. The second half was quite different. Some time in the 1920s, the balance of scientific discovery shifted inexorably to the U.S. A small book of essays held within it proof of a profound historical change...
...agree with much of this. We have learned in the last 20 years that there are many ways of being modern, and that Western liberal democracy is but one of them. But that little collection of essays on the great equations reminds us that a society's characteristics today will not necessarily shape what it will look like tomorrow. History rarely runs in straight and predictable lines. At the end of the 19th century, Germany - or perhaps more accurately, Germanic central Europe - was a technological and scientific powerhouse, its universities nurturing geniuses like Einstein, Heisenberg and Schrödinger, whose...
...after the fall of Communism has curdled, with confidence in mainstream parties damaged by their perceived failure to tackle the country's economic woes. "It is a kind of vacuum," says Attila Pok, a historian with the Institute of History at the Hungarian Academy of Sciences in Budapest. "A great number of voters do not believe in the established élite, either on the right or left. They voted for the newest, loudest and most clearly speaking platform...