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...greater control over its fragmented economies, markets and political systems. China's four largest banks, for example, still have over 50,000 branches between them - branches that in many cases function autonomously with respect to deposit-gathering and lending policies. Such a fragmented banking system has long been a major complication for China's central bank and its execution of a coherent monetary policy. Asia's rural-urban dichotomy also creates a natural fragmentation to its social and economic fabric - underscoring ever widening income and educational disparities that remain a major source of instability in the region. Widespread corruption further...

Author: /time Magazine | Title: The Evolution of Asia | 10/12/2009 | See Source »

...urgent priority. Central to that rebalancing will be the long-awaited emergence of the Asian consumer. For a region steeped in a culture of saving, this will not be an easy transformation. Here again, China undoubtedly holds the key. Its legendary excesses of precautionary savings are traceable to two major developments: massive layoffs associated with over 15 years of state-owned enterprise (SOE) reforms and the lack of an institutionalized social safety net. With SOE reforms likely to be ongoing - albeit probably at a slower pace in the years ahead - China needs more aggressive initiatives in the areas of social...

Author: /time Magazine | Title: The Evolution of Asia | 10/12/2009 | See Source »

...postwar period of the German economic miracle, thousands of guest workers from southern Europe were integrated without major problems. Times have changed as to the economic situation and full employment in Germany. Never-theless the integration of Turks is not primarily due to economic conditions as your article might suggest, but it is a common cultural task that Germans and Turks must face together. Some Turkish people are not eager to learn German, thus missing out on the most important tool for integration. I do not blame the Turks for their habits, I just want to emphasize that there...

Author: /time Magazine | Title: Germany United | 10/12/2009 | See Source »

...position to argue. Brooker, 48, is a member of the Mudlarks, a society of amateur archaeologists who are licensed by the Port of London Authority to scavenge the banks of the Thames for historical artifacts. Because of Brooker's oversize frame, his talent for major discoveries and his overall awesomeness, he is known by admirers as the Mud God. (See pictures of modern day gold prospectors...

Author: /time Magazine | Title: Following in the Footsteps of the Mud God | 10/12/2009 | See Source »

President Obama should probably get a little bit dictatorial up in here. He's the only person in the U.S. unaware that we elected him dictator, giving him both houses of Congress and the major television networks whenever he wants them. Instead of ignoring people's objections until they get socialized medicine and realize they like it, as England's leaders did, Obama is worried about seducing Olympia Snowe so he can say his health bill is bipartisan. Do you know how long it takes to charm people from Maine? They're uptight white people coated with a hard exterior...

Author: /time Magazine | Title: The Tough-Love Dictator of My Dreams | 10/12/2009 | See Source »

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