Serious Minds Debate the N.American Economy

Summary from the Munk Debates in Toronto via Ian Bremmer with the topic “Be it resolved North America faces a Japan-style era of high unemployment and slow growth.”

A vote taken before the debate revealed that most of the crowd agreed with Krugman and Rosenberg on the pessimistic side of the question. Before the debate began, 56 percent voted in agreement with the proposition. 26 percent disagreed, and the rest were undecided. The vote immediately following the debate suggested that Larry and I had managed to swing all the undecideds and a few of those who had voted in favor. We narrowed the final margin to just 55-45 in favor of the proposition.

via Munk Debates: Bremmer and Summers vs. Krugman and Rosenberg – By Ian Bremmer | The Call.

Most helpfully, Bremmer offers links to the full debate as well as the arguments for and against the proposition.


3 thoughts on “Serious Minds Debate the N.American Economy”

  1. Although both sides make convincing arguments, I tend to be an optimist, and believe that the United State’s is going to be okay. Even when facing current economic difficulties and decline, we do have advantages that other states (like Japan) did not have when they were in similar situations. We do have a strong government, large demographics, and most importantly, I think the world still holds the United State’s on a pedestal. As the article explained, The United State’s is still known as the land of opportunity, and immigrants are still coming here to make a better life for themselves. The world also still considers U.S. treasuries to be a safe place and they trust the dollar. I think our government must place their cards carefully because our economy is at a cross roads, of either growth or increased recession. Here is another article which discusses the U.S. economy, recent growth and possibility of decline.

  2. Ian offers a succinct description of each side’s take on the issues being debated. I regularly read Krugman’s blog, however, contrary to the description by Ian Bremmer, he is not a pessimist on everything. He is actually very optimistic about interest rates and inflation. He has been pessimistic on employment and growth. The american economy especially is going through a particularly interesting time right now because of the high unemployment and relatively slow growth. There seemed to be a general consensus that the US economy would rebound, however, the problem right now is in addressing and developing the best ways to move forward and address/grow the economy.

    Here is a business news article on this administration’s ways to rebuild the economy:

  3. I have a positive view on the North America’s current economic situation. As the article explained, what happens in the United States will have a great impact in Canada. Although the economy of the United States is growing slowly and the unemployment rate is high, U.S will be able to find some good ways to recover from its challenges in the next few years. It is true that North America attracts people from around the world. Foreign students prefer to study in the United States and Canada because they can receive excellent education. Still, many foreigners move to the U.S or Canada as legal or illegal immigrants because they believe that they can improve their lives financially and have more freedom. The U.S. economy is the largest and influential in the world. However, the article that I found below says that “China is expected to overtake the US by 2016. This has come as a major surprise for the global community – previous forecasts had predicted China overtaking the US by 2035 at best.” Check this out:

    We can predict that U.S will still be powerful, but we also need to be ready to accept that China has a great potential to become the world power. In my Political Science class, we had discussed that powerful states do not always stay powerful economically and politically, so weaker states eventually can catch up with the stronger states.

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