Pfaff lectures on global economics
By SAM DERHEIMER
News Writer
U.S. dominance in the global economic and political spectrum may be fading, and possibly rightly so, William Pfaff said in his lecture Wednesday night.
Pfaff spoke on the faltering character of U.S. foreign policy, especially in those policies concerning European nations. Specifically, he called attention to the impending necessity of transatlantic mergers and the problems the United States will be forced to deal with if and when such an economic transition begins.
"The problem is," Pfaff said, "the U.S. has repeatedly shown itself to be antagonistic to any deal that did not leave the American companies involved running the show." This attitude is increasingly becoming an issue as European nations are beginning to demand more control over the business deals that shape their economic futures, he said.
"Europeans want to be sovereign," he said. Subsequently, European nations are slowly coming to the stance that the U.S. no longer deserves to be top dog. Unless the U.S. is willing to take a serious look at some of its current foreign policies, it could be looking at some serious economic pains, he said.
"We are going to see an intense economic-industrial competition in which neither side will win," if relations fail to break from their current states, Pfaff warned.
Pfaff went on to argue that the biggest problem adding to the growing European resentment of the United States is the current U.S. political system itself.
"No other serious country conducts its political life this way," he said.
Specifically, Pfaff criticized the American campaign process. He said though it is common in democracies that campaigns necessarily generate large amounts of funds, the levels seen in American campaigns are outrageous. It forces candidates into deals — and eventual debts — with businesses and special interest groups, who then force politicians' hands in dealing with foreign policy.
Unless the U.S. is able to recognize the problems inherent with its current political process and deal with them accordingly, the United States is going to experience a serious economic decent, Pfaff said.
He warned, "Just as the United States buys American, Europe will buy European."
All News Stories for Thursday, November 4, 1999
