Word: sectoral
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...forests--and perhaps the country itself--through strict logging regulations. Although less likely than their samurai forebears to enforce conservation with decapitation, Japan's modern leaders do take a frugal approach to energy. Since 1973, Japan has nearly tripled its industrial output while holding energy consumption in the manufacturing sector roughly flat. Household appliances have increased in size while using less energy, thanks to a government program called Top Runner that constantly raises efficiency standards, making Japanese homes twice as efficient as their American counterparts...
...Sadr seldom appears in Sadr City. He normally resides in the southern Shi'ite holy city of Najaf, where U.S. forces battled the Mahdi Army in 2004. U.S. troops stage occasional raids in the sector against Mahdi Army operatives, which the Pentagon now considers a greater threat to security than al-Qaeda. But al-Maliki has consistently stopped American forces from waging an all-out assault on the Mahdi Army or its leadership out of fear of alienating his political base. "The Iraqi leadership has prevented us from targeting some leaders," says a senior military official. "Our understanding is that...
...chief. He says he has sympathy for Beijing's argument that it must move cautiously. But he also wants the Chinese to pick up the pace, because it's in their own interest to do so. Unless they continue to push reform throughout the economy-especially in a financial sector dominated by bloated state-owned banks that lend lavishly to uncompetitive state enterprises-the cost of dealing with the problem later will balloon. (And the argument is fair enough: it's a lesson the Japanese learned in the 1990s when Tokyo dragged its feet on banking reform...
...problem with excessive monetary and debt growth is that it always leads to inflation in one sector of the economy or another. In the 1960s we had wage inflation, in the 1970s consumer price inflation, and now we are in the throes of breakneck asset inflation. But every type of inflation eventually ends. And when assets deflate, economic activity will suffer. Business slows, lenders call in their debts, companies go bankrupt-all of which is bad news for stocks, especially those that are priced as if risk no longer existed. Economic history is littered with periods of asset inflation that...
...that switch hasn't happened. China's financial sector has been held back by the slow pace of reform, allowing Hong Kong's modern capital market plenty of room to grow. Not only has Hong Kong strengthened its position at the financial heart of Asia, but today it's competing with powerful centers in New York and London. Companies going public via Hong Kong's stock exchange in 2005 raised more money from initial public stock offerings-$21.6 billion?than any other exchange except New York, according to Thomson Financial. Last year, Hong Kong ranked No. 1, beating...