Re: How has the American economy changed?

David M. Rubenstein is a Co-Founder and Managing Director of The Carlyle Group, one of the world’s largest private equity firms. Mr. Rubenstein co-founded the firm in 1987. Since then, Carlyle has grown into a firm managing more than $85 billion from 29 offices around the world.  Prior to co-founding Carlyle in 1987, Mr. Rubenstein practiced law in New York, with the firm of Paul, Weiss, Rifkind, Wharton & Garrison; served as deputy assistant to the president for domestic policy in the Carter administration; and practiced law in Washington, D.C., with the firm of Shaw, Pittman, Potts & Trowbridge. Mr. Rubenstein is a member of the Board of Directors of The Council on Foreign Relations, the Institute for International Economics and Freedom House; the Board of Trustees of Johns Hopkins University, Duke University, Cold Spring Harbor Laboratory, the Kennedy Center for the Performing Arts, the Lincoln Center for the Performing Arts, the Center for Strategic and International Studies and the Dance Theatre of Harlem; and a member of the Visiting Committee of the Kennedy School of Government at Harvard and the National Advisory Committee of J.P. Morgan Chase. He is based in Washington, DC.

  • Transcript

TRANSCRIPT

I think Alan Greenspan’s view of it would probably be that we had a dramatic change in the economy when the Soviet Union and its satellites basically dissolved. And we put onto the workforce a whole new set of workers who helped make certain products more efficiently; who helped make our own lifestyle by giving us cheaper products in some ways; and who helped with our own productivity. Right now it’s clear that . . . that people are basically looking at the world through the economic prism of capitalism. And capitalism has a lot of pluses and a lot of problems. And sometimes . . . it sometimes can be very inefficient and unfair. But I think there is now a global chase for greater wealth, and this is putting a lot of pressure on companies and countries to compete much more effectively than it did . . . than they did before. Right now we are not in a situation where the U.S. economy can live by itself; where the European economy can live by itself; or the Asian economy can live by itself. The economies are all interrelated, and I think if you don’t recognize that, you’re not likely to be a major force in the 21st century economy.

Recorded on: 9/13/07


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