Near the middle of a three-hour round table on globalization that touched on innovation in medieval China, the impact of Sept. 11 on graduate engineering programs and India's market for software, New York University professor WILLIAM BAUMOL offered a much needed reality check: "The fundamental issue that we're losing in this discussion is, Is outsourcing bad for America? Is globalization good or bad for America?" Baumol, along with his fellow panelists on TIME's Board of Economists--RON HIRA of the Rochester Institute of Technology, CATHERINE MANN of the Institute for International Economics and MATTHEW SLAUGHTER of the Tuck School of Business at...
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