Word: industriale
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Right now, the Chinese hang on to their earnings because they feel they must. Nobody has their back if they get sick or lose their job. Beijing spends only 5% of GDP on health care, pensions, unemployment benefits and other social services. (U.S. social-welfare spending as a percentage of...
It would not be fair to compare Mao Zedong to either President Bush or President Obama. Neither has swum the Yangtze River and neither was a rabid communist. Mao created the central government system that is currently being dismantled. Bush and Obama may be remembered by historians as the American...
The U.S. faces both large deficits and the need to take de facto control of parts of the credit, financial, and industrial sectors. In effect, the amount of the nation's economic activity controlled by the government will rise to a level which would have been unimaginable even months ago...
To be sure, the boom - years of 5% growth and soaring exports - is over. Industrial production has plunged. Even Embraer, the aircraft maker whose jets sell to scores of airlines, and which has become a symbol of Brazil's newfound confidence, recently announced plans to lay off 4,000 employees...
Still, both countries recognize that they have much to gain from assuming a leadership role on climate change. This December, 190 countries will convene in Copenhagen for the third and final round of meetings to negotiate a successor to the Kyoto Protocol, the existing global framework on climate change. Until...