Saturday, August 26, 2006
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Bernanke on globalization
Federal Reserve Chairman Ben Bernanke gave an interesting speech entitled, "Global Economic Integration: What's New and What's Not?" that's worth a gander. Here's his answer to what's new:
Each observer will have his or her own perspective, but, to me, four differences between the current wave of global economic integration and past episodes seem most important. First, the scale and pace of the current episode is unprecedented. For example, in recent years, global merchandise exports have been above 20 percent of world gross domestic product, compared with about 8 percent in 1913 and less than 15 percent as recently as 1990; and international financial flows have expanded even more quickly. But these data understate the magnitude of the change that we are now experiencing. The emergence of China, India, and the former communist-bloc countries implies that the greater part of the earth's population is now engaged, at least potentially, in the global economy. There are no historical antecedents for this development. Columbus's voyage to the New World ultimately led to enormous economic change, of course, but the full integration of the New and the Old Worlds took centuries. In contrast, the economic opening of China, which began in earnest less than three decades ago, is proceeding rapidly and, if anything, seems to be accelerating.To me, the most astonishing difference is number two.
posted by Dan on 08.26.06 at 09:19 PM
Though it is not directly related to this topic, I thought it was related to global social justice to point out that there is a new draft movement developing up to get Professor Jeffrey Sachs to run for president. The website for the campaign is: www.SachsForPresident.org
It is time for a new set of priorities in America. Today, our country (and the world) is in great need of true leadership and vision. We believe that professor Jeffrey D. Sachs of Columbia University is someone who can deliver. He is a man of great knowledge, experience and integrity. That is why we are working to convince him to run for president of the United States in 2008.
Please check us out, and if you are interested, help.
In the nineteenth century Britain was also exporting people and in the 21st the US continues to import them. Perhaps there is something else going on here.posted by: Richard Heddleson on 08.26.06 at 09:19 PM [permalink]
With all respect to Bernanke, there is nothing new or very insightful in this. I would hope that he would be more of leader, instead of telling us what has already happened. For example, maybe he could explain how is it that the US can run a current account deficit for so long? How long can this go on, and what happens after? These are retorical questions of course, because I think the answers are fairly obvious. That is why we need LEADERS. I am so sad right now, I think I'll go take a nap.posted by: OpenBorderMan on 08.26.06 at 09:19 PM [permalink]
Bernanke wants more jobs training for displaced American workers.
Job training for what jobs?
He, like most economists and politicians, has no idea. It's just a cliche.
Very helpful. And the Bernanke recession is gathering speed.posted by: save_the_rustbelt on 08.26.06 at 09:19 PM [permalink]
Yes, draft Sachs by all means! If he can do for the US, what he did for Russia then we'll all....oh wait, nevermind...posted by: jprime271 on 08.26.06 at 09:19 PM [permalink]
Yes, draft Sachs by all means! If he can do for the US what he did for Bolivia and the rest of the region then we'll all ... oh wait, never mind...posted by: St. James the Lesser on 08.26.06 at 09:19 PM [permalink]
Job training for what jobs?
"Look over here! Watch the shiny object while we move our personal bank accounts to the Carribean and send more jobs elsewhere."posted by: Babar on 08.26.06 at 09:19 PM [permalink]
Why has this blog's comment stream become infested with flat-earth populism? The same fallacies repeated with the same snark, over and over and over...posted by: srp on 08.26.06 at 09:19 PM [permalink]
(There. That'll show those dummies how much smarter I am. Hee hee! Oops! Tinkled myself.)posted by: srp's alter ego on 08.26.06 at 09:19 PM [permalink]
...there is a new draft movement developing up to get Professor Jeffrey Sachs to run for president.
Isn't he the guy who thinks we can solve the problems in the third world by dumping so much cash on it that it would glut the appetite of the greediest and most corrupt crony?
Could someone please explain why anyone should take what he says seriously?posted by: rosignol on 08.26.06 at 09:19 PM [permalink]
Okay, I admit I am not an economist. But I can read English and I have a purty good vocabulary but THIS MAKES NO SENSE. How do these people get these jobs? I wanna job where I can write gooblygook totally unrelated to reality and get paid booku bucks for it.posted by: Twoticky on 08.26.06 at 09:19 PM [permalink]
...Especially since my job will be probably be outsourced to Pakistan very soon.posted by: Twoticky on 08.26.06 at 09:19 PM [permalink]
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