Word: growth
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...Indonesia. Before taking the job, he had only visited Thailand twice. He first went in 1984 with Everton, which had just won the F.A. Cup. He was 28. "It was a bit of a piss-up," he recalls, "but we played a couple of matches." Two decades of breakneck growth has transformed Bangkok, although for Reid some things have stayed the same. "Don't talk to me about the f___ing traffic," he growls...
...akin to capitalism. The monumental shift - China under Mao Zedong had been a centrally planned economic disaster - reflected the growing, behind-the-scenes influence of a man few in the West had then heard of: Vice Premier Deng Xiaoping. China, the ruling Communist Party decreed back then, "required great growth in the productive forces." And Deng was smart enough to know that that could come in only one way. China would get on the road to capitalism...
...Among them is Zhang Dingli, 36, who worked in a toy factory for a decade. But in early November, the plant closed. He is a victim of an economic transition - a move away from the low-end, low-wage, export-oriented manufacturing on which much of China's rapid growth was built - that has been made more urgent by the global economic crisis. As China's double-digit growth rate plummets, thousands of factories are being shut down and millions of workers are being thrown onto the streets. They will need jobs in the years to come, and the Chinese...
...infrastructure projects, much as U.S. President-elect Barack Obama now promises to do in America. But ditch-digging on a national scale, Beijing knows, will not take China where it needs to go. Only if leaders execute a series of complex alterations to the foundations of its economic growth will China maintain its momentum. "The [global slump] is absolutely accelerating the fundamental changes that were already taking place," says Daniel Rosen, a principal at the Rhodium Group, a New York City - based economic-consulting firm. "The Chinese may have understandably felt entitled to relax a bit after 30 years...
...means becoming a bit more like Japan by developing domestic, technologically formidable manufacturers, rather than just making a lot of inexpensive stuff for the rest of the world. It also means becoming a bit more like the U.S., where factory jobs have over the years been supplanted by the growth of the service sector and knowledge-based companies. China's need to emulate America may seem counterintuitive at the moment, given the parlous state of the U.S. economy. But it is precisely because tapped-out American consumers have stopped buying Chinese-made goods that this economic rebalancing act needs...