Ex-Bush aide Glenn Hubbard to his M.B.A. students: adapt quickly
We had Chuck Prince [CEO of Citigroup] come in, and he and I held a 90-minute panel. He told how the scandals had taken a toll on Citigroup, the difficulty of changing a whole culture that had gone one way for a while. He was very frank and candid. I think it's a lot better for the students to hear about this from professionals who have dealt with it than to have designated ethics classes.
How would you convince Americans, including many worried about their jobs being shipped overseas, that globalization is a good thing?
The leaders of the country have the responsibility to be the chief storytellers about the benefits of globalization. One can imagine the statements that could come out of the White House or the Treasury Department.
There haven't been many statements like that.
I know. That's why I'm saying this now. Globalization and openness raise living standards. We'll all be better off, on average. But not all will be better off. We have to have safety nets for those who get caught in the middle.
Are the politicians in Washington helpful?
Congress needs more of a reality check from the business community. I tell the Business Roundtable, you need to reach out more to members of Congress and educate them about business.
You have a 15-year-old son. What advice do you give him as he starts to think about what to study and what career to choose?
I try not to give him advice, because I know he'll just do the opposite. But what I'd tell teenagers today: Pick a good liberal arts school, and learn how to think.