View Full Version : Greenspan says Globalization working so far.

03-07-2003, 01:54 PM
Friday March 7, 11:14 AM EST

By Glenn Somerville


""The increasingly global economic and financial system has led to an ironing out of the cyclical swings of recession and boom, the Fed chief said, citing the recent resilience of the U.S. economy through several shocks as an example.

"Certainly, on the evidence to date, there can be little doubt that global finance and globalization ... has been a major contribution to a flattening of the business cycle," Greenspan said in answer to a question after the speech.

"If that continues and we are experiencing ever-increasing integration of cycles then it says to us that, at least to date, the record of globalization has been a very positive one indeed," he said.

Still, he cautioned: "We have to assume at some point in the future we will get deeper recessions than we are seeing." "

Feel free to discuss.

Sabre Ally
03-07-2003, 06:02 PM
Sure globalization is working.....if you're a corporation. If you're a poor worker who has lost your job because the company is moving its factories to Mexico I believe you would disagree.

03-07-2003, 06:09 PM
If the economy stays stable, that worker has a much better chance of getting another job because his companies competitors are probably still in business. If the guys company has gone out of business because we're in a deep recession however, he'll wish he was laid off, because there'll be no place for him to turn. What's good for corporations may or may not be good for individuals, but what's bad for them will almost always be bad for the individual.