Word: systemic
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...told, in effect, "No problem." Past performance (as the prospectuses of mutual funds say) is no guarantee of future returns. Just because India's progress was for years strangled by red tape and corruption, there is no reason to think it always will be. Just because India's political system is noisy and disaggregated, with power dispersed between the central government and states, does not mean that it can't deliver. "I don't regard dissent and different views as a sign of dysfunctionality," Montek Singh Ahluwalia, the influential deputy chairman of India's Planning Commission, told...
...first, naturally, is that India's 1.1 billion people deserve to have better life chances than they have had. Its villagers deserve power and clean water, its girls deserve to be able to stay in school beyond the primary grades and its sick deserve a functioning health care system. But second, the world could do with an example of rapid development on a massive scale that is not beholden to an autocratic, closed political system. China proves that such a system can provide better living standards for hundreds of millions, and that simple fact is immeasurably enhancing China's reputation...
...people in the capital, San Salvador, and the province of San Vicente. The deluge on Nov. 7 and 8 damaged or destroyed at least 2,000 homes--many nestled into hillsides that later gave way--and left much of the country without power or clean water. The low-pressure system also wiped out broad swaths of crops, leaving 10,000 people in need of food aid. Officials fear that the death toll will climb as rescuers search for the missing; President Mauricio Funes called the storm's damage "incalculable...
...Sellout: How Three Decades of Wall Street Greed and Government Mismanagement Destroyed the Global Financial System...
Capitalism didn't fail us, publishing heir Forbes and his co-author argue. We failed capitalism by getting in its way. As if we're the ones who created the sleazy subprime mortgages and exotic derivatives (graded phony AAA by real capitalists) that blew up the system. It's the standard Forbes canon: government and taxes bad; rich people good. The pair dutifully round up free-market evangelists from Smith to Hayek to Friedman to support their apologia but fail to add any real insight. Capitalism works, all right, but not like this...