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Good and Bad Ways To Globalize Columbia

Author: Jagdish N. Bhagwati
October 7, 2010
Columbia Spectator

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Universities function in a world that is increasingly integrated on many dimensions. Economic globalization continues in regard to international trade, short-term capital flows, multinationals which constitute equity investments, cross-border flows of humanity, and transfer and sale of technology. Cultural globalization occurs through internet, television, and movies. Both forms of globalization are intensifying on a scale hitherto unimaginable.

Evidently, universities cannot ignore these dramatic changes. Our curricula have already been affected. In economics, my primary field, the effect is seen dramatically in the fact that the old division between closed-economy and open-economy models has given way to open-economy models in whatever courses we give. We also are witness to the fact that far greater importance now attaches to courses on international macroeconomics and on international trade.

There are also added courses now being given regarding several aspects of globalization. I myself have been giving a very popular, and now more salient, course for many years to economics and School of International and Public Affairs students on trade, aid, foreign investment, migration and other elements of globalization, and their implications for developmental policies.

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