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But not serious because those countries' problems look solvable, given a fair dose of political will, and because their economies are small enough to have little impact on the rest of the world.
ECONOMIST: Reality hits Japan
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As I pointed out in an earlier column in Slate , the growth of labor-intensive exports from Third World countries, a development possible only because those countries are able to offset their disadvantages by competing on the basis of cheap labor, has brought about a huge improvement in the human condition, even if the wages look miserably low by our standards.
FORBES: Is This Apple's Nike Moment?
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It said customers in Italy and Spain had been reducing their spending on mobile phone tariffs because of economic weakness in those countries.
BBC: Vodafone writes down value of Italy and Spain units