The Crash: Ups And Downs in the Global Village

Outside the U.S., the economic shock waves look different

No event has ever dramatized the interdependence of world financial markets quite like the October crash. Last week stock exchanges around the globe continued alternately to plummet and jump upward in violent imitation of the spasms on the New York Big Board. In some cases, the volatility was much worse. In Tokyo, for example, the Nikkei share index dived 4% on Monday, but in a week of wild slides and surges finally closed with a gain of .1%. In London the Financial Times index tumbled 6% on the opening day of trading but struggled back and ended the week with a...