Word: marketized
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...There are certainly signs that some aspects of China's recovery are ephemeral. Part of the reason China's stock market has soared is that Chinese companies have received so much cheap financing that they have dumped proceeds into the equity market for lack of better alternatives. Andrew Barber, Asia strategist at Research Edge, a New Haven, Conn., investment-research firm, estimates that up to 30% of new bank lending this year has wound its way into equities. Why isn't the money going into new businesses? The evidence suggests that in key parts of the economy growth remains anemic...
...global economic policy, which called for free trade, privatization, light-touch regulation, prudent fiscal policies and - at least as many interpreted the consensus - free capital flows. The U.S. Treasury, in the wake of the credit meltdown, has put forward a plan to enhance regulation of its own capital markets, but that is unlikely to prevent Beijing from continuing to push for the IMF to take a greater role in policing global markets. At its core, despite embracing many aspects of the market, China runs a top-down, command-and-control economy, and its success so far in skating through...
...failed until the Opium Wars forced the issue; China then entered an era of foreign domination and internal chaos, which ended with the imposition of political stability by the Communist Party in 1949; in 1978, after another round of internal unrest, China chose to modernize its economy and adopted market mechanisms to do so, with astonishing success. Cut (in the movie version of this story) to a shot of the crazy skyline of Pudong from the banks of the Huangpu in Shanghai...
...Chinese élites, we often forget, have had economic and cultural links with Europe for 300 years; by the 18th century, the Chinese were producing porcelain for the European market and avidly studying European art and architecture. In particular, says Mitter, the first half of the 20th century - that period when Shanghai was at its peak, but which is routinely dismissed in the thumbnail history - is "really important; the questions about their society that Chinese are asking now are very similar to the ones that they asked in the 1920s and 1930s." (Read "Why China Keeps Picking on Sarkozy...
...floppy-haired 50-year-old looks every inch the country gent as TIME sets out to photograph him against the picture-pretty backdrop of Welshpool, a market town near his home in rural Wales. Hardscrabble neighborhoods are the BNP's core recruiting grounds, but Griffin also finds a hero's welcome in this green and pleasant land. "Good on you, mate!" bellows an admirer, craning dangerously from a top-floor window as an old man sprints over to glad-hand his idol and motorists honk their appreciation from passing cars. (Read "European Elections: A Blow to Brown, Boost for Merkel...