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Only when markets were deregulated and liberalized from the early 1970's onwards did finance once again leap ahead.
The warrant was no leap forward.
Of course, there was no way to short the Great Leap Forward.
The Great Leap Forward had aspects of a Ponzi scheme, an investment fraud which attempts to draw in successive rounds of investors through word-of-mouth tales of outsize returns.
The Great Leap Forward, and the Cultural Revolution that followed it, was a calculated effort to create a social contagion of ideas.
In today's fast-paced world, it takes only a single technological improvement, price advantage, or great viral advertising campaign for a competitor to leap ahead.
This predilection harkens back to the Great Leap Forward of the 1950s, when scrap metal was melted to meet wildly optimistic steel-production targets, thereby advancing Mao's dream of rapid industrialization.
This is another reason why Chinese policymakers must not jump on the New Economy bandwagon as an attempt to leap magically out of their problems into some utopian future.
China has seen enough experimentation over the last half-century to know that when you attempt a great leap forward you land flat on your face.
The harshness of the subsequent industrialization campaign culminated in the Great Leap Forward of 1958-60, producing a famine that killed 30 million people, mostly in rural areas.
Buoyed by assurance of recovery, the half-dead patient would leap out of bed, start running, jumping, and eating normally, and would soon be restored to full vigor.
A technological leap that raises the wages of the skilled and educated will induce others to become skilled and educated, restoring balance so that inequality does not grow too much.
Like religion, the nation-state myth requires a leap of faith.
First, their monitoring of markets requires a quantum leap in sophistication and speed.
Admittedly, getting to a much higher price for gold is not quite the leap of imagination that it seems.
But he never took the leap, and the major issues remain unresolved.
He is widely credited for setting the country's agenda, and for being the motor behind the liberal economic reforms that since 2004 have meant a qualitative leap in the Egyptian economy.
China's Great Leap Forward in 1958-61 was a market-less investment bubble.
Moreover, anything beyond that traditional conception of space required a considerable conceptual leap, while the cosmological term made no measurable difference to other predictions.
If the EU cannot get its act together to confront a crisis directly affecting its member countries, why should others leap into action?
What might look like a small step for mankind is certainly a giant leap for Europe.
This alone amounts to a great leap forward for intellectual freedom.

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