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OP-ED: "Rx for Global Poverty," by Robert J. Samuelson, Washington Post National Weekly Edition, 2-8 June 2008, p. 30.
21-member Commission on Growth and Development comes up with 5 characteristics of growing economies: 1) Openness to global trade and FDI 2) Political stability but not necessarily democracy; a gov committed to growth 3) High savings 4) Sensible gov spending and inflation control 5) A willingness to let markets allocate resources Samuelson's upshot? Globalization works. Telegraph took 90 years to spread, but cellphones only 16--thanks to globalization. Clincher:
Globalization has moral as well as economic and political dimensions. The United States and other wealthy countries are experiencing an anti-globalization backlash. Americans and others are entitled to defend themselves from economic harm, but many of the allegations against globalization are wildly exaggerated. Today, for example, the biggest drag on the U.S. economy--the housing crisis--is mainly a domestic problem. By making globalization an all-purpose scapegoat for economic complaints, many "progressives" are actually undermining the most powerful force for eradicating global poverty.
Can't say it better.


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