Global Forces Find Gary
By: David Greising
Chicago Tribune: Section 5 (Business)
Page 1 (continued on pg. 16)
10/1/2006
This article discussed Noble Prize winning economist Joseph E. Stiglitz return to his
hometown of Gary, Indiana. He is an expert on globalization and it effects around the
world. He relates his findings from around the world to the situation Gary is currently in.
Stiglitz says, Much of the problems facing Gary are the same problems facing
less-developed countries. Gary may have been in the midst of an economic boom during
Stiglitz childhood when the steel industry was flourishing, but it has since been a landmark
for economic failure. Many steel mills have since been downsized or even eliminated due
to German dominance of the industry. Greising uses census information to help back this
up. Since 1980, the population has dropped almost 20 percent and medium household
income is only $27,195. However, globalization has also created some jobs in Gary.
Luxembourg-based Arcelor Mittal is one of Gary largest employers.
In Stiglitz new book, he outlines a few ideas that can make globalization work for
less-developed countries. Greising portrays Stiglitz thoughts by saying, He promotes
changes in the way intellectual property is protected, economic incentives for protecting
the environment, debt forgiveness and protection against new monopolies. He wants
less-developed countries to be adequately compensated for their resources and encouraged
to develop their own technologies. Stiglitz feels that these are much of the same problems
facing Gary, They have these people who are not partof the community. They dont identify
with the community. They dont invest back into the community. Stiglitz also address the
