2009 Programs And Events
Uzbek Journalists Explore Economic Issues with the Help of Digital Technology (07/30/2009)
On July 30, the U.S. Embassy sponsored a Digital Video Conference (DVC) for 45 journalists from throughout Uzbekistan with Dr. Robert J. Shiller, Professor of Economics from Yale School of Management, to discuss the current global economic crisis. Professor Schiller is an American economist, academic, and best-selling author who is ranked among the 100 most influential economists of the world. A representative from the Ministry of Foreign Economic Relations opened the DVC by discussing the current state of the economy in Uzbekistan.
“The present world financial and economic crisis is one of the most severe in recent decades. However, recent data which come from leading countries of the world testify that the situation is gradually improving. The world economy is gradually adjusting back from the experience of shock,” said Professor Shiller during the DVC.
Professor Schiller shared with journalists his thoughts on the causes of the current global financial crisis and how Central Asia may be affected. He noted that much of the financial downturn can be linked to upward “swings in confidence” during which “prices were too high to be sustained.” Professor Shiller argued that there needs to be a “revolution in economic theory” with a greater link to the “emotions and behavior of consumers.” He added that nations heavily dependent on exports should “hedge their risks by diversifying their economies.” He also stressed that the global economy is becoming more and more integrated and, as a result, Uzbekistan – like all nations of the world -- will likely increase its participation in the global economy.
In response to a question about the appropriate level of state participation in the economy, Professor Shiller used an airport to illustrate his point. He argued that government should play the role of air traffic controllers, helping a variety of aircraft land and take off without incident. Without this control tower, chaos and possible accidents are quite likely. In short, he noted that “limited government regulations are needed, but entrepreneurship should always be encouraged.”
The U.S. Embassy hosts a monthly gathering for local media, otherwise known as our “Press Gap.” If you are a journalist and would like to attend future Press Gaps, please contact the Press Office at TashkentPressCenter@state.gov.