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As the author sees it, one key to the Taiwan's rapid growth lies in the interaction of the Nationalist government and the new entrepreneurs of Taiwan. He explores the interaction between the Nationalist government and Taiwan entrepreneurs in terms of a "push-pull" dynamics. The government pushed by inviting and mobilizing through creation of entrepreneurical opportunities. Those who are business-inclined then pulled themselves to capitalize on the new opportunities. (DÜI-Sen)

Traditionally, the Netherlands has enjoyed being a test market for many ideas in the media. But over the last decade, progress has been severely hampered by lengthy discussions on the future structure of just one sector of media, namely public broadcasting via radio and television. The narrow approach results in a lot of paper, speeches and theories, but little in the way of definitive policy making. In a report to the government, published in February 2005, the Scientific Council for Government Policy (WRR) argued for very different approaches to policy making. The recommendations are not only much broader than "broadcasting"; they tackle the challenges of making robust policy from new angles. Instead of trying to repair the old compass, the approach has been to find new instruments to help policymakers navigate the stormy and often confusing waters ahead. Perhaps the problem in the Netherlands is not accepting the new media, but rather accepting that the role "old" media has undergone a paradigm shift. Since the bulk of the WRR findings were published in the Dutch language, this summary is intended to provide readers outside the Netherlands with an insight into the issues at stake - and the solutions suggested by the WRR.

In the first half of this decade, the world experienced a period of low short and long-term interest rates. Shortterm rates have risen from these low levels, first in Canada and the United Kingdom, then in the United States and finally in the Euro Area. Long-term rates, by contrast, remained low, suggesting that holders of longterm
debt expected the rise in short-term rates to be only temporary. Only in the past few months has the apparently anomalous pricing of long-term debt started to disappear. But with interest rates on long-term debt similar to short-term market rates internationally, the market does not yet show that the traditional upwardsloping yield curve and, on this basis, long rates remain depressed. They are also markedly below the levels of two to three years ago.

enth.

Address before the Royal institute of international affairs, London, Jan. 25, 1955.