In search of sustainable, diversified energy sources
THERE was a time in the 1970s when the Organization of Petroleum Exporting Countries (Opec) held the world in the palm of its hands.
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THERE was a time in the 1970s when the Organization of Petroleum Exporting Countries (Opec) held the world in the palm of its hands.
OVER the past couple of years, there have been a series of investigations and fines and penalties imposed on several of the largest banks in the world, most of who are categorized by the Financial Stability Board and the Basel Committee on Banking Supervision as Global Systematically Important Financial Institutions (G-SIFIs). A G-SIFI is broadly defined as a financial institution, whose distress or disorderly failure because of its size, complexity and systemic interconnectedness would cause disruption to the wider economic system and economic activities.
THE financial markets that we know as the open free market is full of creative energy that has served as a catalyst and anchor of world economic growth and development. The collapse of the Soviet Union and other centrally planned economies 25 years ago proved that the free-market economy is the most effective and efficient allocator of resources. The Chinese Communist regime under Deng Xiaoping recognized this early enough and opened up the Chinese economy to capitalistic market principles and mechanisms starting in the late ’70s of the 20th century. It is widely believed that the China’s economic-policy shift to a free-market orientation is a substantial foundation for its rapid growth over the past 30 years, resulting in now being the world’s second-largest economy. However, solutions and policies in the market-oriented economy also cause new problems or side effects, just like medication oftentimes has side effects on the human body. Therefore, new policies, solutions and instruments have to be handled with caution, and new issues and adverse effects have to be anticipated.
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