One cold night in 1957, walking home from his salt-making factory in Osaka, in Japan, Mr Ando saw white clouds of steam in the street, and a crowd of people gathering.

ECONOMIST: Momofuku Ando

We saw this same thing happen in the 19th century with the invention of steam-powered ships.

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Sooner or later, the economy will pick up steam and oil prices will most likely rebound, perhaps even to higher levels than we saw earlier this year.

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