Word: marketization
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Dates: during 1990-1999
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...were technological breakthroughs and international action. The Carter Administration passed the report on to Ronald Reagan, who ignored it. The doomsayers could not have foreseen the collapse of the Soviet Union, the retreat of the welfare state in most parts of the world, the full impact of the global market or the resurgence of the American economy...
...Berlin Wall to the assassination of Israeli Prime Minister Yitzhak Rabin, is taken by some as a sign of the impending Doomsday or the flowering of the Peaceable Kingdom. Countless secular predictions also sway between doom and hope. Socialist Utopias are out of fashion, but belief in free-market cornucopias is rivaled by nightmares of savage Blade Runner cities...
...worried about your investments because interest rates seem to be moving higher, get over it. Ordinarily, the prospect is worth fretting about. Rising rates can take the steam out of corporate profits, the stock market and the whole economy. But the rate jitters that surfaced last week are actually good news. They represent just the latest swing in a highly emotional market that for three years has thrived on alternating fears about which way the economy would grow: too fast or too slow. As long as the pendulum doesn't swing too far in one direction, your nest...
...forth go the worries, while in reality the economy has been riding a fine line of perfection: slow growth, low inflation, steady profits. In retrospect it's clear that the constantly reversing worries were a signal that there was nothing to worry about. Bearing that out are stock market gains averaging 31% a year since 1995. One day there will actually be a problem, and rates will move up to crush inflation or down to rub out a recession. Either way, stocks will take a beating at some point in the cycle. But we're not there now. Inflation...
Investors may be warming to this notion. The Dow, having plunged last Monday, was levitating by Friday. In another sign that the market's pendulum of emotions remains firmly balanced, Wall Street's view on the too-hot, too-cold question is as divergent as ever. Merrill Lynch rushed out a report saying profits are in trouble and interest rates must surely decline. Goldman Sachs discerns continued bliss as far as the eye can see. Morgan Stanley Dean Witter is convinced that inflation and higher rates are just around the bend. That's all I need to hear. There...