Word: marketeers
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Dates: during 1990-1999
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...continuation of economic growth in the U.S., crucial to keeping the world economy moving, relies on a stock-market bubble that will not continue indefinitely to defy both the law of gravity and economic rationality. Growth prospects have dramatically lessened in Europe, sweeping away any hope of a significant reduction in the still unacceptably high levels of unemployment. This has the potential to heighten tensions between the imperatives of economic national policies and the policy criteria set by the European central bank. Such tensions will put to the test the stability of the Continent's new currency, the euro, earlier...
...range of issues that conceptual or political tinkering alone cannot solve. We now know that the role and modus operandi of the IMF and the World Bank must be substantially revisited in view of the realities of the new environment created by the increasing global role of the emerging-market economies. It would not be sufficient to transform the IMF into a lender of last resort at the global level. Such a move would also require the elaboration of a broad consensus toward a new global financial infrastructure that will ensure a smoother and more transparent functioning of the institutions...
...global economy also requires different structures for policy coordination. The enhanced role that emerging-market economies play in the global system calls into question the relevance of the present Group of Seven structure of world economic summitry. As events and decisions in Brazil, China and East Asia contribute heavily to stabilizing the economic system or wreaking havoc on it, it is about time that an economic and monetary policy coordination structure be put in place that integrates the new important players--even if this means that some members of a previously exclusive club will lose their privileges...
...board focused on the U.S. as the key engine of world growth. Many indicators are encouraging. The unemployment rate of 4.3% is the lowest in 28 years. Inflation is under 2% and shows no signs of heating up. The run-up in the stock market since 1994 has added an extra $10 trillion to the assets of American households. And Washington's success in finally reversing three decades of government deficits has opened up a new era of "surplus politics," says Robert Hormats, vice chairman of Goldman Sachs International, "which is a huge change in the nature of our economy...
...most serious threat to world financial and economic health is a collapse of the U.S. dollar, which could come when foreign investors finally deem the current account deficit to be out of hand. That would make the U.S. less attractive to foreign investors and depress the stock market, turning the wealth effect that has made Americans so willing to buy on credit into a bad hangover. And if Americans curtail their buying, that will kill the main engine of recent U.S. expansion, which in turn will stunt other economies, particularly Asian and Latin American countries that aim to build their...