From: steve.devos-AT-tiscali.co.uk
Subject: Re: Greenspan: Globalisation vs Terrorism.
Date: Mon, 10 Dec 2001 15:53:17 GMT


Glen

Fascinating, what a weird and parochial definition of terrorism. 

It's also worth noting however that some areas of the new generation telcos, 
VPN, data and networking are anticipating an increase in virtual movement to 
replace the physical movement of (business) travel... Basically it becomes a 
shift in budget from travel to networking... 

The strangest thing may  be that he imagines globalisation has been affected 
by terrorism.. 

regards
steve 

fuller writes: 

> Here is a something I found in the Weekend Australian Financial Review that
> I thought you people would find interesting: 
> 
>     Globalisation as a rebuff to terrorism 
> 
>     The US Federal Reserve Board's chairman, Alan Greenspan, speaking at
> George Washington University on December 3. 
> 
>     The United States has benefitted enormously from the opening up of
> international markets in the postwar period. We have access to a wide range
> of goods and services for onsumption; our industries produce and employ
> cutting-edge technologies; and the opportunities created by these
> technologies have attracted capital inflows from abroad.
>     These capital inflows, in turn, have reduced the costs of building our
> country's capital stock and added to the productivity of our workers. It
> would be a tragedy if progress towards greater openess were stopped or
> reversed...
>     Terrorism poses a challenge to the remarkable record of globalisation. A
> global society reflects an ever more open economic environment in which
> participants are free to engage in commerce and finance wherever in thw
> world the possibilities of increased value added arise. It fosters ever
> greater cross-border contact and further exploitation of the values of
> specialisation but on a global scale.
>     Fear of terrorist acts, however, has the potential to induce
> disengagement from activities, both domestic and cross-border. If we allow
> terrorism to undermine our freedom of action, we could reverse at least part
> of the palpable gains achieved by postwar globalisation. It is incumbent
> upon us not to allow that to happen...
>     Globalisation, admittedly, is an exceptionally abstract concept to
> convey to the general public. Economists can document the analytic ties of
> trade to growth and standards of living.
>     A far greater challenge for us has been, and will continue to be, making
> clear that globalisation is an endeavour that can spread worldwide the
> values of freedom and civil contact - the antithesis of terrorism. 
> 
> ------ 
> 
> I wonder what he means by "further exploitation of the values of
> specialisation"?
> Personally, I don't think the wolf in granny's bed of globalisation is that
> different from terrorism. 
>