Historian addresses global economic crisis at VGCC

Noted economic historian Dr. Peter Coclanis presented a seminar at Vance-Granville Community College on April 15 entitled, “The Global Economic Crisis: How We Got There, How We Get Out, and What It Means for You.” VGCC students, instructors, staff and trustees were joined in the Civic Center by students from Vance County Early College High School and members of the community to hear the presentation. Coclanis’ presentation was the fourth installment of an International Speakers Series sponsored by the VGCC Global Awareness Committee in partnership with the University of North Carolina’s World View program.

Coclanis, the Albert R. Newsome Professor of History and Associate Provost for International Affairs at the University of North Carolina at Chapel Hill, said he wanted to give historical context to the contemporary economic problems that are apparent locally as well as internationally.

“Within the past two years, the world economy has been suffering through its roughest patch since World War II, and the U.S. economy its toughest time since the recession of 1981-1982,” Coclanis said. While not downplaying the seriousness of the current economic crisis, the professor emphasized that it does not compare to the Great Depression of the 1930s. “Our current problems are much closer in scale to recessions of the 1970s or 1980s than they are to the 1930s,” he said. Coclanis went on to explain the long-term factors that led to what he labels “The Great Recession,” including globalization, the interdependence it creates, and historically high rates of worldwide economic growth from 1980 through 2005. “With a global economy, we’re all in it together when things are good, and, alas, when things are bad,” he said. “As we know in North Carolina all too well, there have been many challenges and problems attending the globalization process, but on balance, it has benefited the world greatly.”

Coclanis emphasized that he is a historian, not a forecaster, but he concluded that, “With luck, with the federal government’s strategic use of stimulus, coordination with other nations, creation of stricter accounting standards and a better regulatory framework, more financial prudence by consumers, and continued investment in education, research and innovation, I think we will not only get out of our present economic predicament, but also get back on the road to economic growth next year.” Borrowing a Winston Churchill phrase, the historian noted that “we are not at the beginning of the end, but we are at the end of the beginning” of the recession.

Above: Dr. Peter Coclanis speaks on the global economic crisis in the VGCC Civic Center. (VGCC photo)