Word: poore
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...double challenge: softening sales and a mountain of debt resulting from its $1 billion buyout of 142 stores from Saks two years ago. Even powerhouse Dillard's, with stores spread across 29 states, is raising anxiety owing to weakening sales, down 10% for the quarter. In early November, Standard & Poor's lowered its corporate credit rating of Dillard's to B+ from BB-, citing the "deepening spending pull-back by consumers." Adding to the drama, hedge-fund investors Barington Capital Group LP and Clinton Group Inc. called for William Dillard II, the chain's CEO, to step down amid declining...
...20th century believed their poverty was rooted in free markets and leaned toward state control. In India, for example, Jawaharlal Nehru, its first Prime Minister, saw imperialism as an outgrowth of free capitalism; only the state, he figured, could be entrusted to improve the livelihoods of the poor. The result was the bizarre License Raj, a bewildering maze of regulation that hamstrung private enterprise. By 1990, the system had produced outdated, uncompetitive companies and a near bankrupt government. India only started to boom once intrusive state regulation was scrubbed away, in a bold reform effort led by Manmohan Singh...
...turns out that in order to think well, knowledge helps. With Wikipedia and Google, our generation is poor in knowledge, specialized or otherwise. While this would seem to be a weight off our minds, it also makes our thinking less profound. Unlike prior generations, who wiled away the hours between going uphill both ways to school in massive hailstorms by memorizing the works of great authors, we devote our time to YouTube and Facebook, confident that the real information is all there somewhere should we ever need it. Besides the fact that agreeing to disagree long since went...
...hurting the OECD. In any case, citizens of developed nations should grasp the economic benefits. Some, like Sachs, might say that allowing people from destitute places to migrate doesn’t help them where it counts: at home. This Washington Consensus logic asserts that immigration-friendly policies prevent poor states from developing their own economic infrastructure. But perhaps we should care less about Somalia and El Salvador and more about Somalis and Salvadoreños. What citizens of developing countries have as a comparative advantage is cheap labor and little else because of geographical constraints and entrenched, frozen financial...
...United Socialist Party (PSUV) did pick up 17 of 22 state governorships, including Chávez's home state of Barinas, on Venezuela's poor llanos, or plains, where the president's brother Adan held off a strong challenge from a breakaway Chávista candidate. The PSUV also took about two-thirds of the total national vote and kept the opposition from winning the seven or eight states it needed to stun Chávez. If the radical, anti-U.S. firebrand showed anything, it's that his red-beret power and popularity are relatively intact...