The Sky's The Limit

With the U.S. booming and the rest of the world picking up steam, TIME's Board of Economists measures the prospects--and pitfalls

Caution and vigor rarely travel in tandem, but TIME's Board of Economists called for hefty measures of both as members looked at the prospects for a dynamic world economy. Global megamergers, lofty stock valuations, the exponential growth of the Internet--the salient features of the dawning 21st century are a welter of challenges for the world's investors, business leaders and workers. No one doubts that the future is volatile. The question is whether--and for whom--volatility translates into vulnerability.

The good news is that the sheer urgency of change is a symptom of unprecedented vitality in the U.S., Europe, much of Asia and...

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