Word: marketization
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Dates: during 1990-1999
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...many of those funny interconnections have been cut. Financial institutions have used the time to weed their portfolios and especially to reduce their exposure to high-risk regions and sectors. That helped international markets shake off Brazil's latest shudder. The downside is that emerging economies are largely off the horizon of foreign portfolio managers, who feel safer on Wall Street no matter how giddy its prices. As Naim notes, Amazon.com now has a market capitalization that exceeds the entire stock market of Argentina...
There are no easy answers to the mounting U.S. current account imbalance. The normal strategy would be for Washington to raise interest rates, but that would create a vicious circle: depress the stock market, diminish consumer spending and drive foreign money away. Lipp hopes the threat of a recession would provoke quick agreement among the G-7 countries to cut interest rates and taxes. But Hormats cautioned that in the U.S. there's no prospect of easy accord between Clinton and the Republican Congress on cutting taxes or, even harder, deficit spending. Expect a lot of Washington jawboning this year...
...growth, China might revert to the chaos he witnessed during the Cultural Revolution. "It's the economy, stupid!" could just as easily be Jiang's mantra as Clinton's. His prescription--which sometimes strikes me as too much of a contradiction in terms to work--is for a "socialist market economy," in which free markets and free ideas are encouraged until things get boisterous or too messy. Then central planners step in, and there are crackdowns on profiteers and dissidents until things settle down...
While recognizing how much China still needs to accomplish, Jiang, 72, is beginning to think about his legacy and about the leaders who will follow him. In the two decades since the socialist market economy was introduced, "we have embarked on a new era," he said. "Deng Xiaoping taught us that China needs to open its doors and establish economic links with the capitalist, developed world...
...takes my hand with calm assurance and begins feeling for vibrations. The bottom section of my left palm yields results. "O.K., more hydration, more vitamin C," she reports. After a while, I press for a stock-market tip. She directs me to smartmoney.com...