Word: postwar
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...resorted to guaranteed job security and total employment as the primary forms of welfare, while workers were supposed to plug any gaps in the social safety net themselves with prodigious savings. Strategic industries were propped up to protect jobs. This system worked fine when earnings were plentiful during the postwar boom. But today the policies sap the strength of small- and medium-sized businesses, a major source of new jobs. At the same time, younger Japanese are crowded out of the workforce by graying incumbents in cradle-to-grave employment. (Read "Japan, After The Bubble...
...transformation from a firm that depended on its clients for investment-banking revenue - fees generated from advising on deals to underwriting debt and equity securities - to one whose clients are driving a resurgent trading and risk-taking business. Goldman has a tradition of taking trading risks. In the postwar era, the firm's DNA has always combined the interlocking strands represented by two of the world's foremost risk arbitrageurs - first Gus Levy and later Robert Rubin - with the investment-banker pedigree of former senior partners, including Sidney Weinberg, John Weinberg, John Whitehead, Stephen Friedman and Paulson. "We would never...
...Japanese people voted for the DPJ, with its slogans of "Regime Change" and "Livelihood First," amidst the worst economic crisis in Japan's postwar history. An unprecedented 14 million votes were cast in advance of Sunday's election, accounting for about 13% of all eligible voters. And voter turnout is expected to reach 70% - the highest in nearly 20 years. As exit polls came out around the nation, television media tended to focus on which LDP candidates lost - marking LDP incumbents with red batsu or Xs - rather than focus on the DPJ winners, reflecting a widely held belief that Sunday...
...After half a century Japan, it seems, is finally clamoring for change. The LDP machine, which lifted Japan from its postwar doldrums, has been unable to deliver the needs of the public for years - some would argue decades. Now, faced with an uncertain future and an economy in crisis, Japan's electorate is expected to call for a shift in direction - and also to say that they have a choice in which party leads their country. "This is the most important election since 1955," says Gerald Curtis, a Japanese politics expert who teaches at Columbia University. "The DPJ will almost...
Still, Soros, who recalled a similar gift given to him when he was a poor student in postwar England, understands that one's personal philanthropy can go only so far. "Two hundred dollars is significant enough," he said when asked why he chose not to give each child a higher amount. "If you put in more, then you would probably have to set some conditions...