Word: panic
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Dates: during 2000-2009
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...Asian families often spend half of their weekly budget on food, more than double what Western households spend. In an effort to contain spiraling domestic prices, major rice producers, including India and Vietnam, have sharply curbed exports - disrupting global supply chains, fueling more inflation, and prompting rice hoarding and panic-induced shortages. Asia is experiencing one of the uglier aspects of globalization: as countries have become increasingly reliant on one another for vital products, they have also become more vulnerable to external shortages and price spikes as they ripple around the world...
...Times of India, cutting exports is a form of national hoarding: "Governments would like to believe that hoarding by traders is terrible, whereas hoarding by governments promotes the public interest. But the impact on prices is exactly the same. Indeed, when governments start to hoard food out of panic, the panic itself stokes further inflationary fears...
...head-in-sand problem has to do with entrenched bureaucratic interests," says China expert Perry Link of Princeton University. Officials who have devoted most of their careers to defending authoritarian rule "can't stop chanting that mantra without puzzlement over what to say instead and without a bit of panic about their own rice bowls and even, almost, their own identities," Link says...
...have inspired cries of unity. "From now on, we will fight for ourselves," one Chinese woman in San Francisco wrote in a Chinese Internet forum. "We know it is our ever-stronger motherland that's frightening the western world. It is our development and confidence that's causing them panic. From certain aspect, a new Chinese value has formed through the torch, and all the Chinese people are coming together once again...
...sand problem has to do with entrenched bureaucratic interests," says sinologist Perry Link of Princeton University. "People who have devoted the last 25 years of their careers to 'opposing splittism' can't stop chanting that mantra without puzzlement over what to say instead and without a bit of panic about their own rice bowls and even, almost, their own identities...