Beruflich Dokumente
Kultur Dokumente
Doha, Qatar
November, 2005
Joseph E. Stiglitz
Columbia University
New York
Outline
What is globalization?
– Why has it become such a topic of
concern?
– The mixed record of globalization
The changing landscape of
globalization
The problems of natural resources
– Explaining puzzle of oil prices
– The natural resource curse
What is Globalization?
But:
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NYMEX: Light Sweet Crude Oil Futures
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Futures: High Oil Price is Here to Stay?
Puzzles of Sustained High Price
Macro-economic consequences
– Slowdown in global economy
– Especially if Central Banks continue focus on
inflation
High/volatile prices forcing countries to
think more about what is required for
energy security
Worries about distributional consequences
– Discussion in U.S. of “windfall profits” tax
– Especially in light of huge subsidies in last
energy bill
The Resource Curse
Venezuela
– Venezuela (also Bolivia, Botswana)
demand new contracts
– Claiming that previous contracts were
unfair
• Sometimes signed by uninformed or corrupt
government (with or without bribery)
• Circumstances have changed (high oil
prices)
• What is a fair and efficient contract?
Environmental Issues
Global Warming
– Major concern of our time
– Overwhelming evidence
– Requires curtailing usage of fossil fuels
– How active should one be in promoting
conservation measures?
• Even if it lowers prices and profits
• Should but if prices are lowered, usage may not be
curtailed—only change in who gets rents
• Should one argue for quantitative restrictions
• Is one’s primary responsibility to one’s shareholders
()in which case one might oppose these measures) or
to society more broadly.
Cartel and Competition Issues