Myths and Realities of Globalization
November 3–5, 2004
Federal Reserve Bank of Dallas

Organized by Mark Wynne and Jim Dolmas, Federal Reserve Bank of Dallas

Agenda

Wednesday, November 3
6:00 p.m.	Registration and Reception
7:00 p.m.	Dinner Address
	Jagdish N. Bhagwati (web site) Columbia University In Defense of Globalization
Thursday, November 4
7:30 a.m.	Continental Breakfast
8:15 a.m	Welcome
	Robert D. McTeer, Jr. President and Chief Executive Officer Federal Reserve Bank of Dallas
8:30 a.m.	Session 1 Myths I
	Arvind Panagariya (web site) Columbia University Miracles and Debacles: In Defense of Trade Openness [PDF] Miracles and Debacles: Do Free-Trade Skeptics have a Case? [PDF]
	Scott Taylor (web site) University of Calgary Trade and the Environment [PDF]
	Moderator: Mark Wynne Federal Reserve Bank of Dallas
10:00 a.m.	Break
10:30 a.m.	Session 2 Myths II
	Eric V. Edmonds (web site) Dartmouth College Child Labor in the Global Economy [PDF] Presentation [PDF]
	Kyle Bagwell (web site) Columbia University The Economics of the World Trading System [PDF]
	Moderator: Kamal Saggi Southern Methodist University
Noon	Luncheon Address
	Russell Roberts (web site) George Mason University The Surprising Effects of Outsourcing
1:30 p.m.	Session 3 Labor Issues: Outsourcing
	Catherine L. Mann (web site) Institute for International Economics Services: The Next Globalization [PDF] Off-shore Outsourcing and Technology Jobs: Rationale and Potential Role for the ‘Human-Capital’ Investment Tax Credit [PDF]
	Lori Kletzer (web site) University of California, Santa Cruz Tradable Services: Understanding the Size and Scope of Services Outsourcing and Its Impact on American Workers [PDF] Presentation [PDF]
	Moderator: Harvey Rosenblum Federal Reserve Bank of Dallas
3:00 p.m.	Break
3:15 p.m.	Session 4 Capital Flows
	Kristin J. Forbes (web site) Council of Economic Advisers Capital Flows to Emerging Markets: The Myths and Realities [PDF] Presentation [PDF]
	Peter Blair Henry (web site) Stanford University Is the Invisible Hand Discerning or Indiscriminate? Investment and Stock Prices in the Aftermath of Capital Account Liberalizations [PDF]
	Moderator: Carlos Zarazaga Federal Reserve Bank of Dallas
4:45 p.m.	Break
5:00 p.m.	Panel Discussion Why Is It So Hard to Make the Case for Free Trade?
	Virginia Postrel (web site) New York Times Gains from Trade: The Untold Stories
	Russell Roberts (web site) George Mason University The Glass Is Half Full
	Moderator: Robert D. McTeer, Jr.
6:00 p.m.	Reception
6:30 p.m.	Dinner Address
	Kenneth W. Dam (web site) University of Chicago Cordell Hull, The Reciprocal Trade Agreement Act, and the WTO [off-site]
Friday, November 5
8:00 a.m.	Continental Breakfast
9:00 a.m.	Session 5 Historical Perspectives
	Harold James (web site) Princeton University The Vulnerability of Globalization [PDF]
	Douglas A. Irwin (web site) Dartmouth College U.S. Trade Policy Controversies: A Historical Perspective [PDF]
	Moderator: Jim Dolmas Federal Reserve Bank of Dallas
10:30 a.m.	Break
11:00 a.m.	Session 6 Intellectual Property and Technology
	Michele Boldrin (web site) University of Minnesota and David K. Levine (web site) University of California, Los Angeles The Economics of Ideas and Intellectual Property [PDF] Intellectual Property in a Global Economy [PDF] Intellectual Property and the Scale of the Market [PDF]
	Samuel S. Kortum (web site) University of Minnesota Innovation, Diffusion, and Trade [PDF]
	Moderator: Stan Liebowitz University of Texas at Dallas
12:30 p.m.	Luncheon Address
	Denis Simonneau Consul General of France Houston The New World Order of Globalization—The Role of Regional Integration Agreements: A European Perspective [PDF]
2:00 p.m.	Concluding Remarks Robert D. McTeer, Jr.

Contact Information
For information about the conference or registration, contact Patricia Torres by e-mail or phone: 214-922-5366 or 800-333-4460, ext. 5366.

Speakers

Kyle Bagwell
Professor
Columbia University
Web site
Bagwell, Kelvin J. Lancaster Professor of Economic Theory at Columbia University, has published more than 50 articles and books on economic issues relating to industrial organization, international trade, advertising and game theory. Bagwell is a research associate with the National Bureau of Economic Research’s program on international trade and investment. He also serves as a reporter on the principles of trade law and the World Trade Organization for the American Law Institute. A former economics professor at Northwestern University, Bagwell received bachelor’s degrees in economics and mathematics from Southern Methodist University and a Ph.D. in economics from Stanford University.

Jagdish N. Bhagwati
Professor, Columbia University
Senior Fellow in International Economics Council on Foreign Relations
Web site
Bhagwati, a leader in the fight for free trade, has been described as the most creative international trade theorist of his generation. His most recent book, In Defense of Globalization, has received great acclaim. Bhagwati was economic policy advisor to the director general for the General Agreement on Tariffs and Trade in 1991–93. He has also served as special advisor to the United Nations on globalization and external advisor to the director general of the World Trade Organization. He was Ford International Professor of Economics at the Massachusetts Institute of Technology before moving to Columbia in 1980. Currently, he is a member of U.N. Secretary General Kofi Annan’s high-level advisory group for the New Partnership for Africa’s Development. Bhagwati has published more than 350 articles and 50 books and writes frequently for the Wall Street Journal and Financial Times. He is founder of the Journal of International Economics and Economics & Politics. Three Festschrift volumes have been presented to him, and he has received several honorary degrees and awards, including the Bernhard Harms Prize and the Freedom Prize, which he shared with Sir Leon Brittan. Bhagwati holds a master’s degree from Cambridge University and a Ph.D. from MIT.

Michele Boldrin
Professor
University of Minnesota
Web site
Boldrin is a professor and director of graduate studies in the University of Minnesota’s Economics Department. His main areas of research are macroeconomics, growth theory, general equilibrium theory and political economy. He is a research fellow at the Centre for Economic Policy Research in London and serves as a consultant for the Federal Reserve Bank of Minneapolis. He has also been a consultant for the World Bank and the InterAmerican Development Bank. He has held teaching positions at the University of California, Los Angeles; Northwestern University; and Universidad Carlos III de Madrid. He has been a visiting professor at numerous schools, including the Universidad Autónoma de Barcelona, Instituto Nacional de Matemática Pura e Aplicada in Rio de Janeiro, Instituto Tecnológico Autónomo de México and University of Chicago. Boldrin received a laurea (B.A) in economics from the University of Venice and an M.A. and a Ph.D. from the University of Rochester.

Kenneth W. Dam
Professor Emeritus and Senior Lecturer
University of Chicago Law School
Web site
Dam is Max Pam Professor Emeritus of American and Foreign Law at the University of Chicago Law School. He has devoted his career to public policy issues, both as a practitioner and a professor. He was deputy secretary of the Treasury Department from 2001 to 2003 and deputy secretary of the State Department from 1982 to 1985. In 1973, he was executive director of the Council on Economic Policy. He also served as assistant director for national security and international policy at the Office of Management and Budget. Dam’s academic work has centered on law and economics, particularly with respect to international issues. His publications include a number of books, among them The GATT: Law and International Economic Organization; Economic Policy Beyond the Headlines (with George P. Shultz); and The Rules of the Global Game: A New Look at U.S. International Policymaking. He is a senior fellow and board member of the Brookings Institution and a former board member of the Council on Foreign Relations. Dam received a bachelor’s degree from the University of Kansas and a law degree from the University of Chicago.

Eric V. Edmonds
Assistant Professor
Dartmouth College
Web site
Edmonds’ current research focuses on the determinants of investment in children in low-income countries, with a special emphasis on child labor. A frequent question in his research concerns how international trade can influence child labor and schooling decisions. In recent and ongoing research, he has examined data from a diverse array of countries, including Vietnam, India and Mexico. He also does advisory and consulting work for international organizations, most recently for the International Labour Organization’s program for the elimination of child labor and the World Bank. He is a research fellow at the National Bureau of Economic Research. Edmonds received bachelor’s and master’s degrees from the University of Chicago and a master’s degree and a Ph.D. from Princeton University.

Kristin J. Forbes
Member
President’s Council of Economic Advisers
Web site
The U.S. Senate confirmed Forbes as a member of the Council of Economic Advisers in fall 2003, making her the youngest person to hold this position. She is on leave from the Massachusetts Institute of Technology’s Sloan School of Management, where she is the Mitsubishi Career Development Chair and associate professor of international management. Her academic research addresses policy-related questions in international finance and development economics. Forbes has written extensively on financial contagion, as well as the relationship between income inequality and economic growth. She received the Milken Award for distinguished economic research in 2000 and was named one of the “Global Leaders for Tomorrow” as part of the World Economic Forum at Davos in 2003. During 2001–02 she worked at the U.S. Treasury Department as deputy assistant secretary of quantitative policy analysis, Latin American and Caribbean nations. She is a faculty research fellow at the National Bureau of Economic Research and a term member of the Council on Foreign Relations. Before joining MIT, Forbes worked at the World Bank and Morgan Stanley. Forbes received a bachelor’s degree from Williams College and a Ph.D. from MIT.

Peter Blair Henry
Associate Professor
Stanford University Graduate School of Business
Web site
Henry is a faculty research fellow in the international finance and macroeconomics program and the corporate finance program of the National Bureau of Economic Research. The National Science Foundation’s Early Career Development Program supports his research on the financial and real effects of economic policy reform in emerging markets. In 2003, Henry testified before a congressional subcommittee on opening trade in financial services. He received a bachelor’s degree in economics from the University of North Carolina at Chapel Hill, where he was a Morehead Scholar. Henry was a Rhodes Scholar at Oxford University, where he earned a bachelor’s degree in mathematics, and he received a Ph.D. in economics from the Massachusetts Institute of Technology.

Douglas A. Irwin
Professor
Dartmouth College
Web site
Irwin is author of Free Trade Under Fire; Against the Tide: An Intellectual History of Free Trade; Managed Trade: The Case Against Import Targets; and many articles on trade policy in books and professional journals. He is a research associate at the National Bureau of Economic Research and a recent recipient of a fellowship from the John Simon Guggenheim Foundation. He has taught at the University of Chicago and Massachusetts Institute of Technology and served on the staffs of the President’s Council of Economic Advisers and the Federal Reserve Board of Governors. Irwin received a Ph.D. from Columbia University.

Harold James
Professor
Princeton University
Web site
James was a fellow of Peterhouse college at Cambridge University for eight years before joining the History Department at Princeton University in 1986. His books include a study of the interwar economic depression in Germany and International Monetary Cooperation Since Bretton Woods. His most recent books are The End of Globalization: Lessons from the Great Depression and Europe Reborn. James is coauthor of a history of Deutsche Bank that won the Financial Times Global Business Book Award in 1996 and also wrote The Deutsche Bank and the Nazi Economic War Against the Jews. In addition, he is chairman of the editorial board of World Politics. James received a master’s degree and a Ph.D. from Cambridge University.

Lori Kletzer
Professor
University of California, Santa Cruz
Web site
Kletzer is a nonresident senior fellow at the Institute for International Economics and chair of the Economics Department at UC Santa Cruz. Her area of expertise is labor economics, and her current research interests include globalization’s effect on the domestic labor market; the causes and costs of job displacement; differences in educational attainment, occupation and earnings between black and white women; and the economics of higher education. Kletzer is the author of two recently published books, Job Loss from Imports: Measuring the Costs and Imports, Exports, and Jobs: What Does Trade Mean for Employment and Job Loss? She has held teaching and research appointments at Williams College, the University of Washington and the Brookings Institution. Kletzer received a B.A. from Vassar College and a Ph.D. from the University of California, Berkeley.

Samuel S. Kortum
Professor
University of Minnesota
Web site
Kortum’s research focuses on industrial organization, international trade and economic growth. His work has been published in numerous books and professional journals, including the Journal of Political Economy, American Economic Review, European Economic Review, International Economic Review and Econometrica. Before joining the University of Minnesota faculty, Kortum was an assistant professor at Boston University. He was previously an economist with the Federal Reserve Board of Governors and a national fellow with the National Bureau of Economic Research. Kortum received a bachelor’s degree from Wesleyan University and a Ph.D. from Yale University.

David K. Levine
Professor
University of California, Los Angeles
Web site
A former chair of the Economics Department, Levine is the Armen Alchian Professor of Economic Theory at UCLA. His current research interests include the study of intellectual property and endogenous growth in dynamic general equilibrium models; the endogenous formation of preferences, institutions and social norms; learning in games; and the application of game theory to experimental economics. He is a research consultant for the Federal Reserve Bank of Minneapolis, coeditor of Econometrica and NAJ Economics, and a fellow of the Econometric Society. His scientific research is supported by grants from the National Science Foundation, and his work has been published extensively in professional journals, including the American Economic Review, Journal of Political Economy and Journal of Economic Theory. Levine received bachelor’s and master’s degrees from the University of California, Los Angeles, and a Ph.D. from the Massachusetts Institute of Technology.

Catherine L. Mann
Senior Fellow
Institute for International Economics
Web site
Before joining the Institute for International Economics in 1997, Mann was assistant director of the International Finance Division at the Federal Reserve Board of Governors. She has also served as senior international economist on the President’s Council of Economic Advisers and advisor to the World Bank’s chief economist. Her current work focuses on the economic and policy issues of global information, communications and technology, particularly with regard to the U.S. economy, labor market and international trade. Mann directs a project funded by the Ford Foundation that compares how technology affects entrepreneurship, government, education and skills, and financial intermediation in Asian and Latin American countries. She has taught at the Owen School of Management at Vanderbilt University and the Johns Hopkins Nitze School for Advanced International Studies. Mann received a bachelor’s degree from Harvard University and a Ph.D. from the Massachusetts Institute of Technology.

Robert D. McTeer, Jr.
President and Chief Executive Officer
Federal Reserve Bank of Dallas
McTeer joined the Federal Reserve System in 1968 as an economist at the Richmond Fed and later served as an assistant to the Bank’s president. McTeer went on to become manager of the Richmond Fed’s Baltimore Branch, where he remained until he joined the Dallas Fed in 1991. McTeer is a vocal advocate of free enterprise and believes that technological advances and enhanced productivity allow the economy to grow at a faster rate than previously thought possible without sparking inflation. Under his leadership, the Bank has become known as the “Free Enterprise Fed.” McTeer was an adjunct professor at the University of Richmond, Virginia Commonwealth University and Johns Hopkins University. He is active in economic education, participating as a board member of the National Council on Economic Education, and he is past president of the Association of Private Enterprise Education. McTeer, a prolific writer and popular speaker, holds a Ph.D. from the University of Georgia.

Arvind Panagariya
Professor
Columbia University
Web site
Panagariya is the Jagdish Bhagwati Professor of Indian Political Economy and an economics professor at Columbia University. He was previously a professor and codirector of the Center for International Economics at the University of Maryland at College Park and chief economist of the Asian Development Bank. He has also advised the World Bank, International Monetary Fund, World Trade Organization and United Nations Conference on Trade and Development. He has authored, coauthored or edited more than a half-dozen books, including The Economics of Preferential Trade Agreements (with Jagdish Bhagwati), The Global Trading System and Developing Asia, and Lectures on International Trade. Panagariya, whose work has been published in numerous professional journals, is the founding editor of the Journal of Policy Reform and currently an associate editor of Economics & Politics. He has bachelor’s and master’s degrees from Rajasthan University in India and a Ph.D. from Princeton University.

Virginia Postrel
Columnist
New York Times
Web site
Postrel writes the “Economic Scene” column for the New York Times. During her tenure as editor of Reason Magazine from 1989 to 2000, it was a finalist for the National Magazine Awards three times. During 2000 and 2001, she served as Reason’s editor-at- large. Postrel has been a columnist for Forbes and its companion technology magazine, Forbes ASAP. Her work also appears in such publications as the Wall Street Journal, Boston Globe, Los Angeles Times and Washington Post. She is the author of two books, The Substance of Style and The Future and Its Enemies. In 1995, she received the Free Press Association’s Mencken Award for Commentary for an editorial in Reason. Before joining the magazine, she was a reporter for Inc. and the Wall Street Journal. Postrel holds a bachelor’s degree in English from Princeton University.

Russell Roberts
Professor
George Mason University
Web site
Roberts is an economics professor and the Mercatus Center’s J. Fish and Lillian F. Smith Distinguished Scholar at George Mason University. Prior to this, he was the John M. Olin Senior Fellow at the Murray Weidenbaum Center on the Economy, Government, and Public Policy at Washington University in St. Louis. He has also taught at the University of California, Los Angeles; Stanford University; and the University of Rochester and is currently a research fellow at the Hoover Institution. Roberts has authored two novels that explain fundamental economic ideas. One of them, The Choice: A Fable of Free Trade and Protectionism, was named one of the top 10 books of 1994 by BusinessWeek and one of the best books of that year by the Financial Times. Roberts, a frequent contributor to National Public Radio’s “Morning Edition,” has written for the New York Times and Wall Street Journal. He holds a bachelor’s degree in economics from the University of North Carolina and a Ph.D. in economics from the University of Chicago.

Denis Simonneau
Consul General of France in Houston
Simonneau is Consul General of France for Texas, Oklahoma and Arkansas and head of the Trade and Economic Mission for the same states and Louisiana. Prior to this assignment, he was counselor with the French Representation to the European Union in Brussels, where he was in charge of relations with the European Parliament and press officer. He has been advisor to the Minister for European Affairs and served in Pretoria and Cape Town, South Africa, as first secretary to the French Embassy in charge of political and constitutional affairs. He has also worked in Paris for the Economic Department of the Ministry of Foreign Affairs. Simonneau graduated from the National School of Administration in Paris and holds a master’s degree in economics and international relations from the Institute of Political Sciences.

M. Scott Taylor
Professor
University of Calgary
Web site
Taylor holds the Canada Research Chair in international, energy and environmental economics at the University of Calgary. He is a research associate at the National Bureau of Economic Research and sits on the editorial boards of the American Economic Review and Journal of International Economics and the editorial council of the Journal of Environmental Economics and Management. Most of Taylor’s work has investigated the links between international trade, economic growth and the environment. He was formerly an economics professor at the University of Wisconsin in Madison and the University of British Columbia in Vancouver. He holds bachelor’s and master’s degrees from the University of Calgary and a Ph.D. from Queen’s University.

Moderators

Jim Dolmas is a senior economist at the Federal Reserve Bank of Dallas. His main research interests are in the field of macroeconomics, where he has worked on such topics as the effectiveness of stabilization policy, the costs associated with business cycles and the politico-economic determinants of inflation and immigration policy.

Stan Liebowitz is a professor of managerial economics at the University of Texas at Dallas School of Management and director of the Center for the Analysis of Property Rights and Innovation. His research interests include intellectual property and networks.

Harvey Rosenblum is senior vice president and director of research at the Federal Reserve Bank of Dallas. He serves as an economic policy advisor to the president of the Dallas Fed and an associate economist for the Federal Open Market Committee.

Kamal Saggi is an economics professor and the director of graduate studies for Southern Methodist University’s Economics Department. His research interests include the theory of international trade and investment, economic growth and development, and industrial organization.

Mark A. Wynne is vice president and senior economist with the Federal Reserve Bank of Dallas. His research interests include the working of European economic and monetary union and the dynamics of inflation.

Carlos E. J. M. Zarazaga is a senior economist and executive director of the Center for Latin American Economics at the Federal Reserve Bank of Dallas. His current research interests include the study of the consequences of different institutional arrangements and information structures on the outcome of alternative monetary regimes (currency boards, dollarization, common currency areas) and economic growth.