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A New Age Of Global Capitalism Starts Now.(International Edition; BUSINESS)

Newsweek International

| October 13, 2008 | Foroohar, Rana | COPYRIGHT 2008 Newsweek, Inc. All rights reserved. Any reuse, distribution or alteration without express written permission of Newsweek is prohibited. For permission: www.newsweek.com. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

With the American model in tatters, its European and Asian rivals make their move.

It was a week for dramatic words and even more dramatic gestures. as the U.S. congress debated, then vetoed, and then revised and ultimately passed a $700 billion plan to bail out the country's failing banks, world stock markets rose and fell in what can really only be described as rollercoaster fashion. The Dow recorded its biggest loss in two decades before making up much of the ground, falling and rising again in triple digits each day of the week as Treasury Secretary Henry Paulson's plan wound its way through Congress. Among lenders, paranoia reigned--record-high interbank ...

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