Category Archives: Interview

The Language of Globalization

I speak German, or at least I used to. I believe — I hope — that the decline of my fluency isn’t a sign of advancing senility. Rather, I think, it’s an artifact of globalization.

This has been on my mind since my recent appearance in a series of excellent programs about containerization broadcast by Austrian Radio. The host, Anna Masoner, speaks English better than I do; I offered to be interviewed in German, but she interviewed me in English and then arranged for a voiceover translation. Once I listened to the programs, I was very glad she had done it that way.

It’s not just that my German is more or less German German, a far cry from the language spoken in Austria. The more serious problem with my speech is that I use German words that native speakers have ditched for English alternatives. As a result, I feel a bit like a character out of Shakespeare walking onto a twenty-first-century stage. My language is fine. It’s just that people don’t talk that way any more.

It seems that every business in Germany, Switzerland, and Austria now has a Marketing Abteilung; words like “Vermarktung” and “Vertrieb” seem to have fallen into disuse. I know of one company that advertises its interest in making “Investments in Wirtschaft und Logistik,” and another that deals with investors through its “Investor Relations Abteilung.” If a firm wants to start selling abroad, it opens up an Import-Export Geschäft; “Einfuhr-Ausfuhr” apparently is no longer used. When employees want to talk about how the business is doing, they have “ein Meeting.” Younger people might be more inclined to have a “Meetup.” Whether that Meetup is masculine, feminine, or neuter I have not the slightest idea.

English, of course, is the language of globalization, so I can understand all this anglicized German when I hear it or read it. But it’s not so easy to speak it correctly if you don’t spend a great deal of time in German-speaking Europe, soaking up the latest linguistic advances. In effect, globalization has devalued my language skills. I’m glad that when ich wurde interviewt by Ms. Masoner, we spoke English.

Running Hot

This morning I had a great opportunity to discuss my new book, An Extraordinary Time, live on the C-Span program Washington Journal. The host, John McArdle, was thoroughly prepared, and I found it a great relief to be able to talk about the history of the 1970s and 1980s without ending up in a conversation about Donald Trump. You can see the program here.

Viewers phoned in with a number of good questions. A key point I tried to make in responding is that the basic economic trends I write about, the slowdown in productivity growth after 1973 and the related slowdown in income growth, occurred across all the wealthy economies in Western Europe, North America, and Japan. Every day, it seems, we hear comments from politicians that they know exactly how to make our economy grow as fast as it did in the good old days. Some of the callers to Washington Journal echoed those views, blaming slow growth on something they don’t like–President Obama’s environmental policies, high CEO pay, budget deficits, tax treatment of carried interest, and so forth. I think it’s useful to point out to such people that since the end of the Golden Age in 1973 we’ve seen slower growth and higher unemployment in countries where none of those policies are in place. You may not like the low tax rate on carried interest, but it’s a considerable stretch to claim that it is causing our economy to grow at 2% a year rather than 5%.

Sometimes we get a bit carried away with our own power and insist we can make the economy roar like we think it ought to. The current lingo for this is to “run the economy hot.” What advocates of that approach seem to mean is that we should accept a higher inflation rate as a tradeoff for lower unemployment and big wage increases. As I explain in my book, this is not a new idea. We spent most of the 1970s believing that we could keep unemployment low if we were willing to accept just a little more inflation. That ended badly, and I’m not eager to repeat the experiment.

Interview with Planet Money on NPR

I recently did an interview with David Kestenbaum of NPR’s Planet Money, discussing the history of containerization and how it has reshaped world trade. The interview was part of Planet Money’s weeklong effort to follow production of a T-shirt from cotton fields to retail shelves. You can listen to the podcast of the episode on container shipping here:  http://www.npr.org/blogs/money/2013/12/04/248883212/episode-500-the-humble-innovation-at-the-heart-of-the-global-economy.