Balance of power is continuing to shift from the US
(Lithograph by Honoré Daumier(1808-1879) Business Times - 28 Dec 2007 Events in 2007 and in 2008 accentuating the trend By LEON HADAR WASHINGTON CORRESPONDENT THERE was a time - many years ago - when Time magazine was considered to be an American and international 'institution'. That explained why the world's movers and shakers paid a lot of attention to the individual that the founder Henry Luce and his successors picked as the magazine's Man of the Year. That choice - basically announcing who was the persona that had the power to change the world - reflected the wisdom prevailing then among the political and corporate elites, located mostly in New York and Washington. But gradually, Time magazine was transformed from that institution into the older and serious brother of People magazine, and now it has become, for all practical purposes, the Lenin Mausoleum of American journalism, an institutional corpse that is being preserved for some reason (prestige?) while People...