The New Global Geography: Trade, Finance, Innovation, and Talent
Under Secretary for Economic, Energy and Agricultural Affairs, US Department of State
Interviewer: GILLIAN TETT
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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.
Gillian Tett is the US managing editor of the Financial Times, where she leads the editorial development of the paper’s US edition and of US news on FT.com. During her nearly 20 years at the publication, she has served in a number of capacities, including capital markets editor, deputy editor of the Lex column, Tokyo bureau chief, and a reporter in London. She won Journalist of the Year in 2009 and Business Journalist of the Year in 2008, both from the British Press Awards. In 2007 she was awarded the Wincott prize, the premier British award for financial journalism, for her capital markets coverage. She is the best-selling author of Fool’s Gold: How Unrestrained Greed Corrupted a Dream, Shattered Global Markets and Unleashed a Catastrophe; and Saving the Sun: A Wall Street Gamble to Rescue Japan from its Trillion Dollar Meltdown, which won Financial Book of the Year at the inaugural Spear’s Book Awards in 2009.
State Department official Robert Hormats warns that, while America continues to lead the world in terms of economic innovation, its global competitors are beginning to catch up. Hormats pegs education as the most critical component in keeping pace with the rest of the world, lamenting that although young Americans have great enthusiasm for modern technology, many "show very little interest in learning about the engineering and the science and the math that goes into making this new technology."
Academic discipline that explores the relationship between individuals and society and between markets and the state, using methods drawn from economics, political science, and sociology. The term is derived from the Greek terms polis (city or state) and oikonomos (one who manages a household). Political economy is thus concerned with how countries are managed, taking into account both political and economic factors. The field today encompasses several areas of inquiry, including the politics of economic relations, domestic political and economic issues, the comparative study of political and economic systems, and the study of international political economy.