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While there are many people who are elated at the election of Obama, they may not have considered all the consequences. I used to think that status as a First or Third World country depended on economic indicators such as gross national product. It turned out I was wrong. Back in the days of apartheid, South Africa was regarded by the outside world as a First World country. When the black majority took over in 1994, however, it was instantly reduced by the press to a Third World country, although the economy performed better than before. So the designation seems...

Author: /time Magazine | Title: America and Change | 11/17/2008 | See Source »

...What did he think was wrong with the Republican Party? What did he think of his former primary rivals? What was the best direction for the conservative movement? To each question, he would answer only in broad strokes, refusing to get too specific or pointed. He was writing a book, he would say. It would come out after the election. He would "name names." Just wait...

Author: /time Magazine | Title: Huckabee's Score-Settling Book | 11/16/2008 | See Source »

...June and early July, speculators in oil futures battled one another, suspecting that a top was near. In the ensuing weeks, oil would come crashing down to earth as traders everywhere - including hedge funds, banks and pension funds - unwound their 
positions. And as SemGroup demonstrated, getting the timing wrong on this great unwind can have catastrophic results. (Read "Iraq's Pain at the Pump...

Author: /time Magazine | Title: What Caused the Big Slide in Oil Prices | 11/14/2008 | See Source »

...There is nothing wrong, necessarily, with single-minded devotion to a cause you believe in, even if that cause is yourself. Or maybe there is, when something that was always supposed to be fun, a distraction from Ec10 or Physics 16 or a senior thesis or all three at once, becomes ugly...

Author: By Elise X. Liu | Title: Winning, As Usual | 11/14/2008 | See Source »

...even as these ad hoc partners cry foul, another set of odd allies getting together this weekend in Washington may well prove them wrong. The leaders of the U.K., France, Russia, China, India, Brazil, Saudi Arabia, South Africa, Turkey and 11 other developed and developing economies are meeting in Washington at the invitation of President George W. Bush. And the main thing these so-called G-20 members are likely to achieve is a declaration of continuing support for the international free-market system. (Read "10 Things to Do with Your Money Right...

Author: /time Magazine | Title: The G-20 Summit: A Vote of Confidence for Capitalism? | 11/14/2008 | See Source »

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