Word: marketization
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Dates: during 1990-1999
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...these wildly various institutions scramble for business, more and more of the wealthy are availing themselves of sophisticated tools that can be used--often legally, sometimes not--to avoid taxes and potential claimants. In the U.S. alone, thanks to the vibrant economy and the long bull market in stocks, more than 2.5 million households now boast investable assets of more than $1 million, up from 2 million households in 1995. "This market is exploding," says Mark Stevens, president of personal financial services for the Northern Trust Co., based in Chicago. He notes that while the U.S. population is growing...
...market these new private banks have found is huge. Some of it is the old-fashioned sort of money from Brazil or Mexico, seeking a safe haven from instability and high taxation. But most of it is "onshore": millions of newly wealthy professionals and business proprietors in Europe, Asia, Latin American, the Middle East and Africa who don't need deep secrecy and want private-banking services provided in their own countries...
What's more, a sense of humor--even of irreverence--began to seep into religious imagery. Witness a marvelous ink painting of vegetables by Ito Jakuchu (1716-1800). You can read it, with pleasure, as a supremely assured market still life (Jakuchu was, in fact, a vegetable wholesaler before he turned to painting full time). Gourds, melons, turnips, ears of corn and a shiitake mushroom surround an enormous forked white radish, lying as if in state on a basket. But as Singer points out, an educated 18th century Japanese would have recognized this as a parody of a familiar religious...
Soros advocates government intervention in order to protect and promote those things which the free market ignores, what he calls "intrinsic values." But when Soros writes that "society needs institutions to serve such social goals as political freedom and social justice" (as he did in a January 1998 Atlantic Monthly article) the world recognizes him as becoming one of those institutions. Instead of a world government, or international rules of practice, men who have become blindingly wealthy using cutthroat practices in the global economy have become institutions of great power. These men are either a George Soros or an Osama...
Once he has tracked the evolution of the phenomenon, Gabler shows us the extent to which Americans have gone to sculpt and alter their own identities, with examples such as the market for professionally written term papers, a retirement community in Florida designed to offer its residents a 24/7 Disney World experience, celebrity quick-change artists like Madonna and Michael Jackson and a woman who underwent 20 plastic surgeries to remake herself in the image of a Barbie doll. He points out the difference between the "inner-directed" character valued in America's past--composed of personal qualities and goals...