George Russell, Chairman Emeritus, Russell Investment Group

Initiative Session Date: September 17, 2004

Summary:
Russell's speech to the Initiative for Global Development was on the topic of globalization and world poverty.   He argued that the process of globalization should be accelerated in order to reduce global poverty.  But, Russell cautioned, economics alone will not reduce global poverty and that what is also needed is political reform.  Russell acknowledged that globalization is a controversial issue. While Russell agreed that some of the arguments against globalization have merit and must be addressed – for example, the assertion that rich country tariffs and subsidies impoverish poor countries – he argued that the vast majority of criticisms against globalization are simply wrong. One of the main arguments against globalization is that it increases poverty. But, Russell argues, fewer people are living in extreme poverty then a decade ago. He admits that the growth has been uneven but maintains that this is due to too little globalization, not too much. Another argument against globalization is increased outsourcing that leads to job lose in America. Russell argued that outsourcing due to globalization is actually a sign of increased productivity. Russell also added that without a major reduction in poverty and the continued expansion of globalization our world will continue to face persistent violence and war.

"Like people everywhere, citizens of poor countries would rather earn money than depend on handouts. Making trade rules fairer so that poor countries could compete in the global economy on equal footing with industrial countries like the U.S. would generate more income than all the assistance programs of all the world's governments combined."

     -George Russell, speaking to the Initiative for Global Development

Biography