Word: oil
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...merely from chemical reactions and combustion engines, but also from the tangle of institutions, values, incentives, and social arrangements that give rise to these physical phenomena. For example, Americans drive so much not because driving is an inevitable aspect of human life, but because our particular market system prices oil a certain way, because our government favors highways over mass transit, because we inhabit a culture that views casual car use as morally acceptable, and so forth...
When the price of oil recovered Hall made as much as $40 million on that one trade alone. Hall has also reportedly been buying gold this year. Another good move. Inflation fears recently pushed gold above $1,000 an ounce. "Most commodity traders would love to have Hall's ability to call the large trends," says Stein. "He had a long-term view of the market and he was right...
Making Haste Slowly Government reformers defend the pace of change, arguing that it is actually quite rapid given the transformation Saudi society has undergone since oil riches first started to transform a nomadic culture. "Fifty-five years ago there was no education for girls," says al-Faiz. "Fifty years ago people didn't accept the idea of women working. Now everyone wants their girls or wives to work or go through higher education. I don't think those kinds of changes have happened in any country as quickly as here." (See pictures of Saudi women...
...succeeds Abdullah. Several royal princes are in line for the throne, and some of them, like the King's powerful half brother, Prince Nayef, are known for their conservative views. But as Saudi leaders try to wean the country's economy off its almost total dependence on oil, and develop new industries, they are bound to find that it makes little sense to keep half the country's human capital cooped up at home. Nor will the newly emerging class of Saudi professional women willingly go back to the way things once were. "We are not a bunch of Barbie...
...TIME's story on green heroes [Oct. 5]: You needn't go to Japan to find people using biofuel. My son has been collecting oil from local restaurants and converting it to diesel fuel for his truck for years. The vehicle runs well, the process is relatively simple, and it costs him next to nothing...