Paul Krugman Comes to U of Michigan's Hill Auditorium
Harrison K. Wolstein
Issue date: 10/5/09 Section: News
In light of his background, as Dr. Krugman was called onto the stage he showed modesty that is hard to find in people of his stature. After thanking the University and all parties involved, he made sure to acknowledge and praise the work of Alan Deardorff, the man the weekend's economic festschrift was honoring. Instead of discussing what he knew most people wanted to hear about exclusively (the economic crisis), he mentioned that in honor of Deardorff he would discuss Deardorff's main field of work: globalization and international trade.
He began talking about the beginning of globalization in the late 19th century. At this time international trade was very slow and expensive but nonetheless significant. After the succession of WWI and WWII, protectionist policies on behalf of all countries involved led the way to inward looking economies and global trade was more or less diminished. Two main changes caused for the return of globalization: policy reform and technology. As the dust settled from the wars and people saw the potential gains to be made from international trade, protectionist policies were done away with. Technological advances were also necessary and the single most important advancement of the times, and perhaps of all time, was the all-glamorous box. Containers that could safely carry goods and be easily moved from port to port were essential to the progress of globalization. As these changes fed on themselves, globalization grew to ultimately bring us to the complex connected world we live in today. Intricate supply chains with lots of back and forth between countries allow for significant reduction in costs. Krugman referenced an interesting idea when he said, "It says on the iPod that it's 'made in china', but really only $1.50 of the assembly occurs there".
Krugman went on to discuss whether globalization is a good thing or a bad thing. His answer: yes. The gains from trade that could not be made without globalization make it a very good thing. The world is richer and better off because of it. The bad part is that the allocation of that wealth has proven to be largely unequal. Low education/high labor workers are hurt the most. After recognizing the mixed picture, Krugman showed his lean towards pro-globalization as he said that, "hundreds of millions, perhaps billions live a better life from globalization".
He began talking about the beginning of globalization in the late 19th century. At this time international trade was very slow and expensive but nonetheless significant. After the succession of WWI and WWII, protectionist policies on behalf of all countries involved led the way to inward looking economies and global trade was more or less diminished. Two main changes caused for the return of globalization: policy reform and technology. As the dust settled from the wars and people saw the potential gains to be made from international trade, protectionist policies were done away with. Technological advances were also necessary and the single most important advancement of the times, and perhaps of all time, was the all-glamorous box. Containers that could safely carry goods and be easily moved from port to port were essential to the progress of globalization. As these changes fed on themselves, globalization grew to ultimately bring us to the complex connected world we live in today. Intricate supply chains with lots of back and forth between countries allow for significant reduction in costs. Krugman referenced an interesting idea when he said, "It says on the iPod that it's 'made in china', but really only $1.50 of the assembly occurs there".
Krugman went on to discuss whether globalization is a good thing or a bad thing. His answer: yes. The gains from trade that could not be made without globalization make it a very good thing. The world is richer and better off because of it. The bad part is that the allocation of that wealth has proven to be largely unequal. Low education/high labor workers are hurt the most. After recognizing the mixed picture, Krugman showed his lean towards pro-globalization as he said that, "hundreds of millions, perhaps billions live a better life from globalization".
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