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Itwas3:45inthemorningwhenthevotewasfinallytaken.Aftersixmonthsofarguingandfinal16hoursofhotparliamentarydebates,Australia'sNorthernTerritorybecamethefirstlegalauthorityintheworldtoallowdoctorstotakethelivesofincurablyillpatientswhowishtodie.Themeasurepassedbytheconvincingvoteof15to10.AlmostimmediaywordflashedontheInternetandwaspickedup,halfaworldaway,byJohnHofsess,executivedirectoroftheRighttoDieSocietyofCanada.Hesentitonviathegroup'son-lineservice,DeathNET.SaysHofsess:"Wepostedbulletinsalldaylong,becauseofcoursethisisn'tjustsomethingthathappenedinAustralia.It'sworldhistory."Thefullimportmaytakeawhiletosinkin.TheNTRightsoftheTerminallyIlllawhasleftphysiciansandcitizensaliketryingtodealwithitsmoralandpracticalimplications.Somehavebreathedsighsofrelief,others,includingchurches,right-to-lifegroupsandtheAustralianMedicalAssociation,bitterlyattackedthebillandthehasteofitspassage.Butthetideisunlikelytoturnback.InAustralia—whereanagingpopulation,life-extendingtechnologyandchangingcommunityattitudeshaveallyedtheirpart—otherstatesaregoingtoconsidermakingasimilarlawtodealwitheuthanasia.IntheUSandCanada,wheretheright-to-diemovementisgatheringstrength,observersarewaitingforthedominoestostartfalling.UnderthenewNorthernTerritorylaw,anadultpatientcanrequestdeath—probablybyadeadlyinjectionorpill—toputanendtosuffering.Thepatientmustbediagnosedasterminallyillbytwodoctors.Aftera"coolingoff"periodofsevendays,thepatientcansignaofrequest.After48hoursthewishfordeathcanbemet.ForLloydNickson,a54-year-oldDarwinresidentsufferingfromlungcancer,theNTRightsofTerminallyIlllawmeanshecangetonwithlivingwithoutthehauntingfearofhissuffering:aterrifyingdeathfromhisbreathingcondition."I'mnotafraidofdyingfromaspiritualpointofview,butwhatIwasafraidofwashowI'dgo,becauseI'vewatchedpeopledieinthehospitalfightingforoxygenandclawingattheirmasks,"hesays.Fromthesecondparagraphwelearn theobjectiontoeuthanasiaisslowtocomeinotherphysiciansandcitizenssharethesameviewonchangingtechnologyischieflyresponsibleforthehastypassageofittakestimetorealizethesignificanceofthelaw'sWhentheauthorsaysthatobserversarewaitingforthedominoestostartfalling,hemeans observersaretakingawait-and-seeattitudetowardsthefutureofsimilarbillsarelikelytobepassedintheUS,Canadaandotherobserversarewaitingtoseetheresultofthegameoftheeffect-takingprocessofthepassedbillmayfinallycometoaWhenLloydNicksondies,he facehisdeathwithcalmcharacteristicofexperiencethesufferingofalungcancerhaveanintensefearofterribleundergoacoolingoffperiodofsevenTheauthor'sattitudetowardseuthanasiaseemstobethat Muchofthelanguageusedtodescribemonetary,suchas"steeringtheeconomytoasoftlanding"or"atouchonthebrakes",makesitsoundlikeaprecisescience.Nothingcouldbefurtherfromthetruth.Thelinkbetweeninterestratesandinflationisuncertain.Andtherearelong,variablelagsbeforechangeshaveanyeffectontheeconomy.Hencetheogythatlikenstheconductofmonetarytodrivingacarwithablackenedwindscreen,acrackedrear-viewmirrorandafaultysteeringwheel.Givenallthesedisadvantages,centralbankersseemtohavehadmuchtoboastaboutoflate.Averageinflationinthebigsevenindustrialeconomiesfelltoamere2.3%lastyear,closetoitslowestlevelin30years,beforerisingslightlyto2.5%thisJuly.Thisisalongwaybelowthedouble-digitrateswhichmanycountriesexperiencedinthe1970sandearly1980s.Itisalsolessthanmostforecastershadpredicted.Inlate1994thepanelofeconomistswhichTheEconomistpollseachmonthsaidthatAmerica'sinflationratewouldaverage3.5%in1995.Infact,itfellto2.6%inAugust,andisexpectedtoaverageonlyabout3%fortheyearasawhole.InBritainandJapaninflationisrunninghalfapercentagepointbelowtheratepredictedattheendoflastyear.Thisisnoflashinthepan;overthepastcoupleofyears,inflationhasbeenconsistentlylowerthanexpectedinBritainandAmerica.EconomistshavebeenparticularlysurprisedbyfavourableinflationfiguresinBritainandtheUnitedStates,sinceconventionalmeasuressuggestthatbotheconomies,andespeciallyAmerica's,havelittleproductiveslack.America'scapacityutilisation,forexample,hithistoricallyhighlevelsearlierthisyear,anditsjoblessrate(5.6%inAugust)hasfallenbelowmostestimatesofthenaturalrateofunemployment—theratebelowwhichinflationhastakenoffinthepast.Whyhasinflationprovedsomild?Themostthrillingexnationis,unfortunay,alittledefective.Someeconomistsarguethatpowerfulstructuralchangesintheworldhaveupendedtheoldeconomicmodelsthatwerebaseduponthehistoricallinkbetweengrowthandinflation.Fromthepassagewelearn thereisadefiniterelationshipbetweeninflationandinteresteconomywillalwaysfollowcertaintheeconomicsituationisbetterthaneconomistshadforeseenthepresenteconomicAccordingtothepassage,whichofthefollowingisMakingmonetarypoliciesiscomparabletodrivingaAnextremelylowjoblessratewillleadtoAhighunemploymentratewillresultfromInterestrateshaveanimmediateeffectontheThesentence"Thisisnoflashinthepan"(line5,paragraph3)means thelowinflationratewilllastforsometheinflationratewillsoontheinflationwilldisappearthereisnoinflationatThepassageshowsthattheauthor thepresentcriticalpuzzleddisappointedamazed3Theworldisgoingthroughthebiggestwaveofmergersandacquisitionseverwitnessed.TheprocesssweepsfromhyperactiveAmericatoEuropeandreachestheemergingcountrieswithunsurpassedmight.Manyinthesecountriesarelookingatthisprocessandworrying:"Won'tthewaveofbusinessconcentrationturnintoanuncontrollable petitive?"There'snoquestionthatthebigaregettingbiggerandmorepowerful.Multinationalcorporationsaccountedforlessthan20%ofinternationaltradein1982.Todaythefigureismorethan25%andgrowingrapidly.Internationalaffiliatesaccountforafast-growingsegmentofproductionineconomiesthatopenupand eforeigninvestment.InArgentina,forinstance,afterthereformsoftheearly1990s,multinationalswentfrom43%toalmost70%oftheindustrialproductionofthe200largestfirms.Thisphenomenonhascreatedseriousconcernsovertheroleofsmallereconomicfirms,ofnationalbusinessmenandovertheultimatestabilityoftheworldeconomy.IbelievethatthemostimportantsbehindthemassiveM&Awavearethesamethatunderlietheglobalizationprocess:fallingtransportationandcommunicationcosts,lowertradeandinvestmentbarriersandenlargedmarketsthatrequireenlargedoperationscapableofmeetingcustomers'demands.Allthesearebeneficial,notdetrimental,toconsumers.Asproductivitygrows,theworld'swealthincreases.Examplesofbenefitsorcostsofthecurrentconcentrationwavearescanty.Yetitishardtoimaginethatthemergerofafewoilfirmstodaycouldre-createthesamethreatstocompetitionthatwerefearednearlyacenturyagointheUS,whentheStandardOiltrustwasbrokenup.Themergersof companies,suchasWorldCom,hardlyseemtobringhigherpricesforconsumersorareductioninthepaceoftechnicalprogress.Onthecontrary,thepriceofcommunicationsiscomingdownfast.Incars,too,concentrationisincreasing—witnessDaimlerandChrysler,RenaultandNissan—butitdoesnotappearthatconsumersarebeinghurt.Yetthefactremainsthatthemergermovementmustbewatched.Afewweeksago,AlanGreenspanwarnedagainstthemegamergersinthebankingindustry.Whoisgoingtosupervise,regulateandoperateaslenderoflastresortwiththegiganticbanksthatarebeingcreated?Won'tmultinationalsshiftproductionfromonecetoanotherwhenanationgetstoostrictaboutinfringementstofaircompetition?Andshouldonecountrytakeuponitselftheroleof"defendingcompetition"onissuesthataffectmanyothernations,asintheUSvs.case?Towardthenewbusinesswave,thewriter'sattitudecanbesaidto.OnehundredandthirteenmillionAmericanshaveatleastonebank-issuedcreditcard.Theygivetheirownersautomaticcreditinstores,restaurants,andhos,athome,acrossthecountry,andevenabroad,andtheymakemanybankingservicesavailableaswell.Moreandmoreofthesecreditcardscanbereadautomatically,makingitpossibletowithdrawordepositmoneyinscatteredlocations,whetherornotthelocalbranchbankisopen.Formanyofus,the"cashlesssociety"isnotonthehorizon—it'salreadyhere.Whilecomputersoffertheseconveniencestoconsumers,theyhavemanyadvantagesforsellerstoo.Electroniccashregisterscandomuchmorethansimplyringupsales.Theycankeepawiderangeofrecords,includingwhosoldwhat,when,andtowhom.Thisinformationallowsbusinessmentokeeptrackoftheirlistofgoodsbyshowingwhichitemsarebeingsoldandhowfasttheyaremoving.Decisionstoreorderorreturngoodstorscanthenbemade.Atthesametimethesecomputersrecordwhichhoursarebusiestandwhichemployeesarethemostefficient,allowingnelandstaffingassignmentstobemadeaccordingly.Andtheyalsoidentifypreferredcustomersforpromotionalns.Computersarereliedonbymanufacturersforsimilarreasons.Computer-yzedmarketingreportscanhelptodecidewhichproductstoemphasizenow,whichtodevelopforthefuture,andwhichtodrop.Computerskeeptrackofgoodsinstock,ofrawmaterialsonhand,andevenoftheprocessNumerousothercommercialenterprises,fromtheaterstomagazinepublishers,fromgasandelectricutilitiestomilkprocessors,bringbetterandmoreefficientservicestoconsumersthroughtheuseofcomputers.WhatisthispassagemainlyApproachestothecommercialuseofConveniencesbroughtaboutbycomputersinSignificanceofautomationincommercialAdvantagesofcreditcardsinBeingamanhasalwaysbeendangerous.Thereareabout105malesbornforevery100females,butthisratiodropstonearbalanceattheageofmaturity,andamong70-year-oldstherearetwiceasmanywomenasmen.Butthegreatuniversalofmalemortalityisbeingchanged.Now,boybabiessurvivealmostaswellasgirlsdo.Thismeansthat,forthefirsttime,therewillbeanexcessofboysinthosecrucialyearswhenthearesearchingforamate.Moreimportant,anotherchancefornaturalselectionhasbeenremoved.Fiftyyearsago,thechanceofababy(particularlyaboybaby)survivingdependedonitsweight.Akilogramtoolightortooheavymeantalmostcertaindeath.Todayitmakesalmostnodifference.Sincemuchofthevariationisduetogenesonemoreagentofevolutionhasgone.Thereisanotherwaytocommitevolutionarysuicide:stayalive,buthavefewerchildren.Fewpeopleareasfertileasinthepast.Exceptinsomereligiouscommunities,veryfewwomenhas15children.Nowadaysthenumberofbirths,liketheageofdeath,has eaverage.Mostofushaveroughlythesamenumberofoffspring.Again,differencesbetweenpeopleandtheopportunityfornaturalselectiontotakeadvantageofithavediminished.showswhatishappening.Thecountryofferswealthforafewinthegreatcitiesandpovertyfortheremainingtribalpeoples.Thegrandmediocrityoftoday—everyonebeingthesameinsurvivalandnumberofoffspring—meansthatnaturalselectionhaslost80%ofitspowerinupper-middle-classcomparedtothetribes.Forus,thismeansthatevolutionisover;thebiologicalUtopiahasarrived.Strangely,ithasinvolvedlittlephysicalchange.Nootherspeciesfillssomanycesinnature.Butinthepast100,000years—eventhepast100years—ourliveshavebeentransformedbutourbodieshavenot.Wedidnotevolve,becausemachinesandsocietydiditforus.Darwinhadaphrasetodescribethoseignorantofevolution:they"lookatanorganicbeingassavagelooksataship,asatsomethingwhollybeyondhiscomprehension."Nodoubtwewillremembera20thcenturywayoflifebeyondcomprehensionforitsugliness.ButhoweveramazedourdescendantsmaybeathowfarfromUtopiawewere,theywilllookjustlikeWhatusedtobethedangerinbeingamanaccordingtothefirstAlackofAfierceAlowersurvivalAdefectiveWhatdoestheexampleofWealthypeopletendtohavefewerchildrenthanpoorNaturalselectionhardlyworksamongtherichandtheThemiddleclasspopulationis80%smallerthanthatoftheisoneofthecountrieswithaveryhighbirthrate. lifehasbeenimprovedbytechnologicalthenumberoffemalebabieshasbeenourspecieshasreachedthehigheststageofthedifferencebetweenwealthandpovertyisWhichofthefollowingwouldbethebesttitleforthe[A]RationChangesinHumanWaysofContinuingMan'sTheEvolutionaryFutureofHumanEvolutionGoingTheAmericaneconomicsystemisorganizedaroundabasicallyprivate-enterprise,market-orientedeconomyinwhichconsumerslargelydeterminewhatshallbeproducedbyspendingtheirmoneyinthemarketceforthosegoodsandservicesthattheywantmost.Privatebusinessmen,striving tomakeprofits,producethesegoodsandservicesincompetitionwithotherbusinessmen;andtheprofitmotive,operatingundercompetitivepressures,largelydetermineshowthesegoodsandservicesareproduced.Thus,intheAmericaneconomicsystemitisthedemandofindividualconsumers,coupledwiththedesireofbusinessmentoizeprofitsandthedesireofindividualstoizetheir es,thattogetherdeterminewhatshallbeproducedandhowresourcesareusedtoAnimportantfactorinamarket-orientedeconomyisthemechanismbywhichconsumerdemandscanbeexpressedandrespondedtobyproducers.IntheAmericaneconomy,thismechanismisprovidedbyapricesystem,aprocessinwhichpricesriseandfallinresponsetorelativedemandsofconsumersandsofferedbyseller-producers.Iftheproductisinshortsupplyrelativetothedemand,thepricewillbebidupandsomeconsumerswillbeeliminatedfromthemarket.If,ontheotherhand,producingmoreofacommodityresultsinreducingitscost,thiswilltendtoincreasethesupplyofferedbyseller-producers,whichinturnwilllowerthepriceandpermitmoreconsumerstobuytheproduct.Thus,istheregulatingmechanismintheAmericaneconomicTheimportantfactorinaprivateenterpriseeconomyisthatindividualsareallowedtoownproductiveresources(privateproperty),andtheyarepermittedtohirelabor,gaincontrolovernaturalresources,andproducegoodsandservicesforsaleataprofit.IntheAmericaneconomy,theconceptofprivatepropertyembracesnotonlytheownershipofproductiveresourcesbutalsocertainrights,includingtherighttodeterminethepriceofaproductortomakeacontractwithanotherprivateindividual.Inparagraph1,“thedesireofindividualstoizetheir Americansareneversatisfiedwith Americanstendtooverstate Americanswanttohave esAmericanswanttoincreasethepurchasingpowerof Thefirsttwosentencesinthesecondparagraphlus producerscansatisfytheconsumersbymechanizedconsumerscanexpresstheirdemandsthroughproducersdecidethepricesofsupplyanddemandregulateAccordingtothepassage,aprivate-enterpriseeconomyis privatepropertyandrightsmanpowerandnaturalresourcesownershipofproductivecontractsandpricesThepassageismainly howAmericangoodsarehowAmericanconsumersbuytheirhowAmericaneconomicsystemhowAmericanbusinessmenmaketheirAhistoryoflongandeffortlesssuccesscanbeadreadfulhandicap,but,ifproperlyhandled,itmay eadriving.WhentheUnitedStatesenteredjustsuchaglowingperiodaftertheendoftheSecondWorldWar,ithadamarketeighttimeslargerthananycompetitor,givingitsindustriesunparalleledeconomiesofscale.Itsscientistsweretheworld'sbest,itsworkersthemostskilled.AmericaandAmericanswereprosperousbeyondthedreamsoftheEuropeansandAsianswhoseeconomiesthewarhaddestroyed.Itwasinevitablethatthisprimacyshouldhavenarrowedasothercountriesgrewricher.Justasinevitably,theretreatfrompredominanceprovedpainful.Bythemid-1980s,Americanshadfoundthemselvesatalossovertheirfadingindustrialcompetitiveness.SomehugeAmericanindustries,suchasconsumerelectronics,hadshrunkorvanishedinthefaceofforeigncompetition.By1987therewasonlyoneAmericanevisionmakerleft,Zenith.(Nowthereisnone:ZenithwasboughtbySouthKorea'sLGElectronicsinJuly.)Foreign-madecarsandtextilesweresweeintothedomesticmarket.America'smachine-toolindustrywasontheropes.Forawhileitlookedasthoughthemakingofsemiconductors,whichAmericahadwhichsatattheheartofthenewcomputerage,wasgoingtobethenextcasualty.Allofthiscausedacrisisofconfidence.Americansstoppedtakingprosperityforgranted.Theybegantobelievethattheirwayofngbusinesswasfailing,andthattheir eswouldthereforeshortlybegintofallaswell.Themid-1980sbroughtoneinquiryafteranotherintothecausesofAmerica'sindustrialdecline.Theirsometimessensationalfindingswerefilledwithwarningsaboutthegrowingcompetitionfromoverseas.Howthingshavechanged!In1995theUnitedStatescanlookbackonfiveyearsofsolidgrowthwhileJapanhasbeenstruggling.FewAmericansattributethissolelytosuchobviouscausesasadevalueddollarortheturningofthebusinesscycle.Self-doubthasyieldedtoblindpride."Americanindustryhaschangeditsstructure,hasgoneonadiet,haslearnttobemorequick-witted,"accordingtoRichardCavanaugh,executivedeanofHarvard'sKennedySchoolofernment."ItmakesmeproudtobeanAmericanjusttoseehowourbusinessesareimprovingtheirproductivity,"saysStephenMooreoftheCatoInstitute,athink-inWashington,D.C.AndWilliamSahlmanoftheHarvardBusinessSchoolbelievesthatpeoplewilllookbackonthisperiodas"agoldenageofbusinessmanagementintheUnitedStates."TheUSachieveditspredominanceafterWorldWar ithadmadepainstakingeffortstowardsthisitsdomesticmarketwaseighttimeslargerthanthewarhaddestroyedtheeconomiesofmostpotentialtheunparalleledsizeofitsworkhadgivenanimpetustoitsThelossofUSpredominanceintheworldeconomyinthe1980sismanifestedinthefactthattheAmerican TVindustryhadwithdrawntoitsdomesticsemiconductorindustryhadbeentakenoverbyforeignmachine-toolindustryhadcollapsedaftersuicidalautoindustryhadlostpartofitsdomesticWhatcanbeinferredfromtheItishumannaturetoshiftbetweenself-doubtandblindIntensecompetitionmaycontributetoeconomicTherevivaloftheeconomydependsoninternationalAlonghistoryofsuccessmaypavethewayforfurtherTheauthorseemstobelievetherevivaloftheUSeconomyinthe1990scanbeattributedtothe turningofthebusinessrestructuringofimprovedbusinesssuccessinIt’saroughworldoutthere.Stepoutsideandyoucouldbreakalegonyourdoormat.Lightupthestoveandyoucouldburndownthehouse.Luckily,ifthedoormatorstovefailedtowarnofcomingdisaster,asuccessfullawsuitmightcompensateyouforyourtroubles.Orsothethinkinghasgonesincetheearly1980s,whenjuriesbeganholdingmorecompaniesliablefortheircustomers’Feelingthreatened,companiesrespondedbywritingeverlongerwarninglabels,tryingtoanticipateeverypossibleaccident.Today,stedderscarrylabelsseveralincheslongthatwarn,amongotherthings,thatyoumight—surprise!—falloff.Thelabelonachild’sBatmancapecautionsthatthetoy“doesnotenableusertofly”.Whilewarningsareoftenappropriateandnecessary—thedangersofdruginctions,forexample—andmanyarerequiredbystateorfederalregulations,i
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