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Globalization lecture to be given by one of the nation's leading economists
Currently, each citizen?s share of the U.S. national debt is more than $23,000, but the United States is not the only country in economic turmoil. One of the nation's leading economists will discuss Wednesday how globalization affects the country and the world.
Professor Murray L. Weidenbaum of Washington University in St. Louis will present the second annual Vandeveer Chair Lecture in Economics at 7 p.m. Wednesday in the Student Center Auditorium.
Professor Sajal Lahiri, Vandeveer chair of economics, said he believes the topic of a global economy is of interest to everyone in the region.
"The idea is to communicate topical economic issues to a broader audience in a non-technical language," Lahiri said.
The Vandeveer Chair was endowed in 1960 through a gift of Ashland Oil and Refinery Co. stock made to SIUC by the late philanthropist W.W. Vandeveer, a University alumnus. The Vandeveer chair is the first and only fully endowed chair at SIUC.
Lahiri came from the University of Essex in England as a holder of the chair in August 2002. He initiated the annual lecture series.
According to Lahiri, globalization refers to reductions in barriers to international movements of goods, services and capital.
"It makes people competitive," Lahiri said. "It makes people invest in research and development; it increases efficiency. Without it, I think we would be producing things much less cost effectively."
Shirley Clay Scott, dean of the College of Liberal Arts, said she is pleased Lahiri has used some of the funding that is associated with the Vandeveer Chair to bring outstanding scholars of economics to the University.
"His knowledge of the global marketplace and the complex and problematic effects of globalization will allow us to think more cogently about the economic facts of our time," Scott said.
Weidenbaum is the chairman of the U.S. Trade Deficit Review Commission. He was also chairman of the Council of Economic Advisers for the Reagan administration. Weidenbaum also served as assistant secretary of the Treasury for economic policy in the Nixon administration.
"There are a lot of misconceptions about globalization," Lahiri said. "I think his talk is going to help clarify a lot of issues."
