Word: koreas
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Dates: during 1990-1999
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Thailand, Korea and Indonesia have stopped reforming their banks and other instruments of "crony capitalism," says Courtis, but are still managing to claw back toward growth by a simple strategy: "You crush domestic demand, you crush your currency, so imports collapse and everything goes to the export sector." A year ago, he explains, Korea had zero foreign exchange reserves; today it has $48 billion, equal to 12% of GNP. Thailand's are at 11% of GNP. But this strategy depends crucially on boosting exports to developed countries, particularly the U.S., which will hang on choices made in Washington...
...positive sign in some emerging countries like Korea and Thailand is that foreign direct investment--the purchase of actual assets for long-term development--is robust as multinationals scoop up bargains. But in Russia, says Marshall Goldman, associate director of the Davis Center for Russian Studies at Harvard, "there's no bottom fishing at any price. It doesn't make sense if after you've gotten there you get squeezed and discover you have no rights." Moscow is finally pushing an agreement to share energy revenues with foreign companies that are desperately needed to develop this sector, but that still...
...first memories of China go back almost 50 years. Sitting in front of our 10-in. Philco television, over milk and peanut-butter sandwiches, my closest third-grade friends and I watched, with fascination and terror, the grainy news footage of Chinese soldiers crossing the Yalu River into Korea. It was 1950, the year after Mao Zedong and the communists had taken control of China, exiling General Chiang Kai-shek and the Nationalist Party to Taiwan. And now they were fighting...
People were filled with fear--of nuclear war, of aggressive Communism, of spies, of enemy hordes in Korea, of litigation (there are incredible stories about how Warren and others in the AEC kept secrets in part for this reason), and of the raging politics of McCarthyism...
Rubin has had his star turns as well. In late 1997 he probably single-handedly stopped a panic about Korean debt from avalanching into a U.S. market crash by working the phones, convincing international bankers that they should cut Korea a break. It was not a welcome pitch. "This is a hell of a Christmas present," one banker moaned to Rubin on Christmas Eve. But Rubin's scheme saved the banks billions because if Korea had crashed, the banks could have lost everything. "It was Bob who actually got the banks to see how it worked to their benefit," Greenspan...