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...Such celebration may be premature. As 2008 came to an end, every economy in the region had either slowed sharply or tumbled into outright recession. Far from having the autonomous capacity to decouple from weakness elsewhere in the world, export-led developing Asia had become even more tightly tethered to foreign markets than was the case a decade earlier. The export share of panregional gross domestic product (GDP) hit a record 47% in 2007, fully 10 percentage points higher than the portion in the late 1990s. With approximately 50% of those exports earmarked for the rich countries of the developed...
...export dependency went far beyond the unbalanced structure of its real economy. Its financial and currency policies were also aimed at deriving maximum support from external demand. A closed capital account and an undervalued renminbi (RMB) were icing on the cake for China's powerful strain of export-led growth. Moreover, to the extent that its currency-management objectives required ongoing recycling of a massive reservoir of foreign-exchange reserves into U.S. dollar - based assets, such capital inflows helped keep longer-term U.S. interest rates at exceptionally low levels. In effect, China's implicit interest-rate subsidy ended up becoming...
...just its banks and companies but also a system of governance that was still heavily dominated by power blocs at the provincial and local level. And his concerns over sustainability were specifically aimed at pollution and environmental degradation - unmistakably negative externalities of China's fixation on open-ended, manufacturing-led economic growth. To the extent that the Chinese experience is a microcosm of the broader Asian development model, Wen's "four uns" are very much a blueprint of what it will take to realize the aspirations of the Asian Century. Just as the financial crisis of the late 1990s...
...Heightened efforts in the area of resource efficiency are also an urgent priority. A shift from manufacturing-led export growth to more of a services-based consumption model will relieve some of the inherent biases of energy- and resource-intensive growth. But Asia must do more in the way of investing in alternative energy technologies, retrofitting existing production platforms and moving to lighter construction and production techniques. Air and water pollution have become endemic to Asia's hypergrowth. That's especially true in China, home to seven of the 10 most polluted cities in the world and whose level...
...partners' permission to meet for sex twice a week ... The affair provided excitement and deep fulfillment at a crucial, and essentially pleasureless, moment in her writing life." The book in question was Atlas Shrugged, her 1,000-page 1957 masterwork about the government's battle with captains of industry, led by John Galt, for control of the economy. The next year, Branden established an institute to promote Rand's philosophy of reason...