David McCormick, Benjamin Heineman, and Austan Goolsbee discuss the implications of the current financial crunch facing America.
They argue that although many people believe the solution is to decrease our interactions with other countries, continued globalization is the only solution.
Bio
Austan Goolsbee
Austan Goolsbee is a member of the Council of Economic Advisers and the youngest member of the cabinet of President Barack Obama. Goolsbee is also serving as staff director and chief economist on the President's Economic Recovery Advisory Board.
Goolsbee was the Robert P. Gwinn Professor of Economics at the University of Chicago Booth School of Business. He was an economic adviser to Barack Obama's 2004 Senate race before becoming a senior economic adviser to Senator Obama's 2008 Presidential campaign.
He is a member of the panel of Economic Advisers to the Congressional Budget Office, a research associate at the National Bureau of Economic Research, and a research fellow at the American Bar Foundation. He is a Senior Economist to the Democratic Leadership Council and the Progressive Policy Institute. He is also a frequent contributor to the New York Times. He was recently a Fulbright Scholar and a recipient of an Alfred P. Sloan Fellowship.
His work focuses on the new economy, government policy, taxes, and technology.
Goolsbee was selected as one of Financial Times' six "'Gurus of the Future'/Best Under 40" (2005), named one of the Young Global Leaders at the 2005 World Economic Forum, and one of the 100 Global Leaders for Tomorrow at the 2002 World Economic Forum.
He was born on August 18, 1969, in Waco, Texas. He received his B.A. summa cum laude in economics from Yale University in 1991, his M.A. in economics from Yale University in 1991, and his Ph.D in economics from the Massachusetts Institute of Technology in 1995.
Benjamin W. Heineman Jr.
Benjamin W. Heineman, Jr., is a senior fellow at Harvard Law School's Program on the Legal Profession and a senior fellow at the Belfer Center for Science and International Affairs at Harvard's Kennedy School of Government.
His teaching and research focus on the global anti-corruption movement, corporate citizenship and social responsibility, the corporate response to terrorism, corporate governance, and corporations and public policy.
Previously he was General Electric's senior vice president for law and public affairs and before that a senior vice president and general counsel. During the Carter administration, he was an assistant secretary at the Department of Health, Education, and Welfare.
The Honorable Robert D. Hormats
Bob Hormats was sworn in as Under Secretary of State on September 23, 2009.
Bob was formerly vice chairman of Goldman Sachs (International). He joined Goldman Sachs in 1982.
Bob served as Assistant Secretary of State for Economic and Business Affairs from 1981 to 1982, Ambassador and Deputy U.S. Trade Representative from 1979 to 1981, and Senior Deputy Assistant Secretary for Economic and Business Affairs at the Department of State from 1977 to 1979. He served as a senior staff member for International Economic Affairs on the National Security Council from 1969 to 1977, where he was senior economic advisor to Dr. Henry Kissinger, General Brent Scowcroft and Dr. Zbigniew Brzezinski. Bob was a recipient of the French Legion of Honor in 1982 and the Arthur Fleming Award in 1974.
Bob has been a visiting lecturer at Princeton University and served on the Board of Visitors of the Fletcher School of Law and Diplomacy and the Dean’s Council of the John F. Kennedy School of Government at Harvard University. He is also a member of the Council on Foreign Relations.
Bob’s publications include The Price of Liberty: Paying for America's Wars from the Revolution to the War on Terror; Abraham Lincoln and the Global Economy; American Albatross: The Foreign Debt Dilemma; and Reforming the International Monetary System. Other publications include articles in Foreign Affairs, Foreign Policy, The New York Times, The Washington Post, The Wall Street Journal, American Banker and The Financial Times.
Bob earned a BA with a concentration in economics and political science from Tufts University in 1965. He earned a MA in 1966 and a PhD in International Economics in 1970 from the Fletcher School of Law and Diplomacy.
David H. McCormick
David H. McCormick serves as the Under Secretary of Commerce for Industry and Security. As Under Secretary, Mr. McCormick leads the Bureau of Industry and Security in advancing U.S. foreign policy, national security, and economic objectives through effective policies for technology controls, treaty compliance, and continued U.S. leadership in strategic industries.
In this role, Mr. McCormick oversees a bureau with global policymaking, regulatory, and law enforcement responsibilities with offices in China, India, Russia, the United Arab Emirates, and throughout the United States. Mr. McCormick also serves as the Co-Chair of the U.S.-India High Technology Cooperation Group and the U.S.-China High Technology and Strategic Trade Working Group.
Prior to his appointment as Under Secretary, Mr. McCormick was the President of Ariba, Inc. and the President and CEO of FreeMarkets, Inc., both publicly traded software and services companies. He has also worked as a consultant for McKinsey & Company.
Born in Pennsylvania , Mr. McCormick earned a mechanical engineering degree from the U.S. Military Academy at West Point and received his Ph.D. from the Woodrow Wilson School of Public and International Affairs at Princeton University. He is a former Army officer and a veteran of the first Gulf War.
Benjamin Heineman, David McCormick, and Robert Hormats explain that although free trade creates thousands of American jobs, many worry that globalization is hurting the US.
They agree that free trade support will be difficult to garner unless the American people's "misunderstanding" is corrected.
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