Word: laissez
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...Brown-want to go beyond that activity and place the IMF at the center of a reformed, unified, and better-regulated global finance system. Sarkozy has gone so far as to call for the "moralization of finance markets" and "re-foundation of capitalism". Though the most rabid adepts of laissez-faire systems like the U.S. are expected to rebuff such efforts to impose international strictures, Strauss-Kahn's profile as a respected economist and market-friendly leftist leaves him in a rare spot: The head of an international agency about to extend its powers that political and business leaders...
...more thoughtful than the U.S. in figuring out what needs to be done. Even before the crisis turned global, French President Nicolas Sarkozy, in his address to the U.N. last month, called for a world summit to lay the foundations for more state regulation to replace the current laissez-faire approach. We may be at a new "Bretton Woods moment." As the world emerged from the Great Depression and World War II, it realized there was need for a new global economic order. It lasted more than 60 years. That it was not well adapted for the new world...
...bitter fighting and vengeful conclusion had rendered the international atmosphere toxic, making a mockery out of the one transnational institution to have emerged from the conflict, the League of Nations. Adding to those abundant ills was the near religious faith in the sacred orthodoxies of laissez-faire and the gold standard--the economic equivalents of the Nicene Creed...
...cope with the financial implosion of 1929, Mellon replied, "Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate. It will purge the rottenness out of the system." Echoes of that old-time sentiment can still be heard today, but they are mere vestiges of the stifling tyranny of laissez-faire thinking that paralyzed so many governments in an earlier...
...know how to invest because everything is going down, so I keep watching and worrying about it." Other Asians are taking a philosophical view of the worsening crisis. Dorothy Wong, 49, a psychiatric counselor in Hong Kong, says that a global crash could change laissez-faire attitudes about money. "I think the world needed this, actually," says Wong. "My kids and my friends' kids are spoiled. We made lots and lots of money, and we gave them the impression that it's easy and assured. So this is all a good lesson...