Word: nationalization
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Dates: during 2000-2009
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Policymakers have been warning about confusing economic activity with wellbeing ever since the economist Simon Kuznets devised a way to measure that activity at the end of the Great Depression. Kuznets himself warned that "the welfare of a nation can ... scarcely be inferred from a measure of national income." Seventy-five years on, GDP feels like an idea whose time has finally passed. "GDP measures, in a certain sense, how much stuff we can produce that we can drop on an enemy," Alan Krueger - now a top-ranked economist in the Obama Administration - said at the Organization for Economic Cooperation...
Iranian officials accused the U.S., Britain and Pakistan of helping to orchestrate a suicide bombing in Sistan-Baluchestan province Oct. 18 that killed 42 people, including commanders of the Revolutionary Guard, the nation's élite military unit. Though the Sunni rebel group Jundallah claimed responsibility for the attack--Iran's deadliest in nearly two decades--President Mahmoud Ahmadinejad blamed the foreign powers for funding the majority-Shi'ite country's insurgency in order to destabilize its borders. All three nations denied involvement...
...about the right to high-speed Internet? On Oct. 14, Finland announced plans to ensure that its 5.3 million citizens have access to a 1-megabit-per-second broadband connection by July 2010 and a 100-megabit-per-second connection by 2015. Government officials say Finland is the first nation to make broadband access a legal right...
...track to pay employees a record $140 billion this year. Andrew Hall, a star trader at Citi's commodities unit Phibro, made headlines for what could be a $100 million payout. "Frustrating," said White House chief of staff Rahm Emanuel with a sigh, appearing on CBS's Face the Nation...
...have speculated the stalemate could mean political fallout for the relatively new Prime Minister, but Rudd told reporters in Townsville on Nov. 2 that he plans to stay the course. "This is a very hard area for government, but our job is to implement a responsible policy in the national interest," he said. It's just unclear which part of the nation he is referring...