In this Smart Talk video series, Andrew Mazzone and Dr. Edward Neil discuss globalization, outsourcing, loss of US economy and financialization. They also talk about austerity as the 21st Century version of debtor’s prison, and topics of real interest like the whole process on which the Greek bailout loan confrontation with the Germans.
Globalization is the tendency of businesses, technologies, or philosophies to spread throughout the world, or the process of making this happen. The global economy is sometimes referred to as a globality, characterized as a totally interconnected marketplace, unhampered by time zones or national boundaries.
Financialization refers to the ever greater role that capital markets play in our lives. At an individual level, this has been accompanied (or driven) by the concentration of wealth in the hands of a small financial elite, the social effects of which were partially managed by debt-fueled consumption (and more widespread share ownership) in industrialized countries.
Dr. Edward J. Nell is an American economist and a former professor at the New School for Social Research (NY). Nell was a member of the New School faculty from 1969 to 2014. He achieved the rank of Malcolm B. Smith Professor of Economics in 1990. He is currently the chief economist for Recipco.