Word: oil
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...back. But from time to time, things do snap. And Summers' argument in 1986 was that unemployment in Europe, the sort that might persist in the face of growth, was an expression of an economy that had snapped. Europe's economy was hit not only by shocks like an oil-price spike, a productivity collapse and rocketing tax rates but also by stubborn unions that made hiring, firing and adjusting payrolls near impossible...
...become a predictable September ritual: officials from the world's oil-rich nations fly into Vienna for their annual OPEC meeting, huddle around a gleaming conference table and decide how to push oil prices up or down by closing or opening the spigots on their vast resources - about two-thirds of the world's total reserves. At this week's meeting, however, OPEC's oil ministers attempted an even trickier acrobatic act: staying in place...
...been a steady stream of Indian-generated reports bolstering India's assertions that it is unilaterally greening its act. A report released last week says India has consistently greened its GDP since the 1980s, with the energy intensity of India's GDP falling from 0.3 kgoe (kilogram-of-oil equivalent) per dollar of GDP in 1980 to 0.16 kgoe in 2004. This, it adds, is an achievement on par with über-green Germany and is bettered only by Japan, the U.K., Brazil and Denmark...
...nation where our most iconic economist, Milton Friedman, wrote in 1970 that a corporation's only moral responsibility was to increase shareholder profits. Since 1995, the number of socially responsible investment (SRI) mutual funds, which generally avoid buying shares of companies that profit from such things as tobacco, oil or child labor, has grown from 55 to about 260. SRI funds now manage approximately 11% of all the money invested in U.S. financial markets - an estimated $2.7 trillion...
...gathering - which will bring almadraba fishermen from Spain, Portugal, Italy and Morocco to the Andalusian town of Isla Cristina on Sept. 11 - includes sessions on everything from the different types of boats used to the traditional uses of unlikely tuna parts (eyes, it seems, contain an excellent oil). "But you can bet the ban will be a major topic of conversation," López says. "These people want to know if they're still going to have a job next year...