Daniel Griswold, director of the Center for Trade Policy Studies at the Cato Institute in Washington, D.C., delivered the keynote address for Belmont’s inaugural International Business Symposium Friday on his new book, Mad About Trade: Why Main Street America Should Embrace Globalization.
Griswold opened his talk by describing how Americans should challenge populist economics. He described how he examined the 120 items in his closet and found that only 10 items were made in America, nine of which were neckties. Griswold challenged the audience to do the same to their closets. Griswold’s closet example shows how the American economy is one based on global trade, and globalization is actually good for the economy.
“We have voted with our dollars for participation in the global economy,” Griswold said. He later added, “Trade today is the working family’s best friend.”
Griswold argued that global trade competition delivers lower prices, more choice and better quality. Griswold noted that product variety alone has saved $400 billion. Griswold believes global competition is doing more to help Americans during these tough economic times than job creation since competition produces better jobs.
Griswold said, “Our representatives in D.C. need to hear from the millions of Americans benefitting from globalization every day.”
Griswold explained that most Belmont graduates will most likely receive jobs with foreign-owned affiliates or enter the middle class service industry (which includes jobs like teaching and accounting) or high-end manufacturing. Griswold concluded his address with, “Trade and globalization are profoundly in the interest of Main Street America.”
Daniel Griswold earned a Bachelor’s degree in journalism from the University of Wisconsin—Madison and his master’s degree in politics of the world economy from the London School of Economics. In addition to his work with CATO, Griswold has written major studies on globalization, trade and immigration. He has contributed to several major newspapers and has appeared on CNBC, C-SPAN, CNN, PBS and Fox News. Griswold has also testified before House and Senate committees.