Word: third world
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...indeed Brazil's time - but not just because it was about time that the Olympics go the South American Way. In fact, there's a reason that it's been four decades since a Latin American country, or any Third World country, has hosted the games. That was the Mexico City Olympiad of 1968, when Mexico convinced the IOC that it was a modern republic ready to stand alongside Britain and Japan and Australia - only to have its army massacre hundreds of pro-democracy demonstrators 10 days before the opening ceremonies. The bar was set much higher for Latin America...
...Olympic selection is a high-stakes game, with no medal for second or third place. Bid cities have each invested more than $40 million to get to Copenhagen; the winner stands to pour in billions more for a chance at lucrative TV and sponsor revenues, as well as prestige on the world stage. The losers don't get any return on their investment other than a host of lessons to draw on for a subsequent second attempt. Who's going to stand alone? The IOC's announcement begins...
...People's Republic of China commemorates its 60th anniversary, it seemingly has much to celebrate. China is the world's most populous and industrious nation, is the world's third largest economy and trading nation, has become a global innovator in science and technology, and is building a world-class university system. It has an increasingly modern military and commands diplomatic respect. It is at peace with its neighbors and all major powers. Its hybrid model of quasi-state capitalism and semidemocratic authoritarianism - sometimes dubbed the "Beijing Consensus" - has attracted attention across the developing world...
...Three decades later, the world witnesses the extraordinary results. China is now the world's third largest economy, after the U.S. and Japan, and recently surpassed Germany as the largest exporting nation. Its GNP is on course to overtake Japan's by 2010 and perhaps that of the U.S. by 2020. (Read "Why the China-U.S. Trade Dispute Is Heating...
...world - and is beginning to invest significant amounts abroad. Today, 37 Chinese multinational corporations rank among FORTUNE's top 500 global companies, up from just six a decade ago, while 450 out of the FORTUNE 500 American companies have production lines and a business presence in China. China has become the world's largest recipient of foreign direct investment. To fuel its economic boom, China's voracious and insatiable appetite for raw materials has led it to absorb large amounts of global commodities. China now consumes 16% of global energy resources and is the world's third largest consumer...