Update on the Global Environment by Gary Crittenden, former CFO of Citigroup and current MD of Huntsman Gay Global Capital: Crittenden explained that the current economic downturn is not specific to Utah or to the US. The current economic crisis impacts the world at large and is a domino effect of the increasing emphasis on globalization. Just as the community of nations have become interconnected and rely on international trade to boost the economy the same interconnectedness impacts the economic downturn. As a result, the US economy is just as dependent on the economic recovery of its trade partners as its trade partners are dependent on the US recovery. It is a long held tenet of economists that no nation’s economy can thrive without the infusion of foreign funds. In this regard, foreign funds come from a variety of sources. These sources include international trade, tourism, multinational enterprises, foreign investments among other sources. When domestic economies fail, their ability to engage in foreign trade and other methods of spending abroad is diminished. In attempting to repair the current economic crisis, it is therefore important to look toward how those efforts impact the economic potential of our trade partners.
Comments: Essentially Crittenden maintains that in strategizing economic reformation, the US is not at liberty to merely focus on strengthening its own markets, but will have to take measures that do not weaken the markets of its trade partners. This does not necessarily mean that the US is required to provide bail-out packages for its trade partners, but ensure that bailout packages at home do not function to distort the market in terms of fair competition. If our industries are able to recover, but are not able to influence healthy competition both at home and abroad, the open market economy is in jeopardy. For instance, a bail-out package that rescues a domestic automobile company