Word: japanized
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...Sweden and China followed, and his internationalism captured a changing national mood. For the better part of two centuries, Australia's self-perception was that of a chunk of the West that unaccountably found itself floating in the South Pacific. Today, China is Australia's largest trading partner, with Japan second and four other Asian nations rounding...
...regeneration. A small nation with a population of just 3 to 5 million - the new government has yet to conduct a reliable census - it has a reformist leader, two ports, rich resources and a history of exporting. In the 1950s, rubber powered economic growth of 8%, second only to Japan that decade. Fixing Liberia should still be a relative cinch. "It's everybody's favorite model," says a Western economist in Monrovia. "If it doesn't work here, it doesn't work anywhere...
...Goldman's O'Neill has said it's "conceivable" that China's economy will be bigger than that of the U.S. in less than 20 years and that the BRIC countries as a group will carry as much economic weight as the G-7 group of Western powers plus Japan. This sounds like bad news for the U.S. - and it will certainly bring all sorts of new complications to the global political scene. From a purely economic standpoint, though, the rise of the BICs is great in that it offers the only remotely attractive path out of our current conundrum...
...have to start living within its means - or at least a lot closer to them than it currently does. To keep this new American frugality from battering the global economy even more than it's been battered, somebody has to pick up the resulting slack in demand. Europe and Japan have been hit harder by the downturn than the U.S. has, and they have aging, slow-growing populations unlikely to ignite consumer booms. That leaves the BICs as pretty much the only remaining candidates. These economies are still too small to take up all the slack: together their GDP amounts...
...build-up to the mid-year three-day event attended by the major players. As this year's G-8 president, Italian Prime Minister Silvio Berlusconi has the honor of hosting Canada's Prime Minister Stephen Harper, France's President Nicolas Sarkozy, Germany's Chancellor Angela Merkel, Japan's Prime Minister Taro Aso, Russia's President Dimitri Medvedev, U.K.'s Prime Minister Gordon Brown and the U.S.'s President Barack Obama in L'Aquila, the town hit by a horrific earthquake in April. But the G-8 summit is not, and never has been, the place to draft details...