Word: lateraling
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Dates: during 2000-2009
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...simply repeating an economic development strategy that has propelled the country's rapid progress in many other manufacturing sectors. The country has been able to use the lure of huge potential markets to entice foreign companies to hand over technology and know-how in exchange for lucrative deals, later using that knowledge to produce competitive products cheaper than those of overseas originators. Foreign companies built the generators for the first stage of the massive Three Gorges hydroelectric dam, but the generator contracts required the foreign makers to transfer technology to Chinese partners, who took the lead in later phases...
...Tianma Circuit race-car track, the 1,000-strong crowd was treated to the sight of one of the competitors - still dressed in his driver's jumpsuit - walking slowly past the officials' stand, one arm held aloft with the middle finger of his hand extended. "My only regret," he later wrote on his blog, "is that I couldn't show both fingers at the same time because I happened to be having a phone conversation...
...sentries monitoring the perimeter, soldiers shaving with whatever was available - Vietnam all over again. Until the U.S. leadership looks at our history, we will never learn from our mistakes. I was in the eighth grade when the first Tennessee soldier was killed in Vietnam in 1962, and 10 years later I was fortunate to return from service with the 1st Air Cavalry Division in Vietnam. Let's hope the decision makers review Ferguson's work while examining the war in Afghanistan. Bryce Sanders, Clarksville, Tenn...
Despite its flaws, GDP has proved hard to replace - if only because it provides a single number which nations can use to measure themselves against neighbors and rivals. At an OECD conference in Korea later this month, attendees will try to develop an array of measures that take into account broader definitions of well-being. They have their work cut out for them. While the tiny Himalayan kingdom of Bhutan measures its gross national happiness, no major economy has followed suit...
When the news broke in January that wall street executives were paying themselves handsomely for piloting the U.S. economy into a mountainside, President Obama's response was unequivocal. "It is shameful," he said. Ten months later, even as he moved to curb bailed-out execs' pay, banks are on track to pay employees a record $140 billion this year. Andrew Hall, a star trader at Citi's commodities unit Phibro, made headlines for what could be a $100 million payout. "Frustrating," said White House chief of staff Rahm Emanuel with a sigh, appearing on CBS's Face the Nation...