Anne Osborn Krueger

Last updated
Anne Krueger
Anne O. Krueger (2004).jpg
Managing Director of the International Monetary Fund
Acting
In office
March 4, 2004 June 7, 2004
Preceded by Horst Köhler
Succeeded by Rodrigo Rato
First Deputy Managing Director of the International Monetary Fund
In office
September 1, 2001 September 1, 2006
Preceded by Stanley Fischer
Succeeded by John Lipsky
Chief Economist of the World Bank
In office
1982–1986
President Alden W. Clausen
Preceded by Hollis Chenery
Succeeded by Stanley Fischer
Personal details
Born (1934-02-12) February 12, 1934 (age 85)
Endicott, New York, U.S.
Education Oberlin College (BA)
University of Wisconsin, Madison (MA, PhD)
Academic career
Institutions Johns Hopkins University
Stanford University
Duke University
University of Minnesota
Doctoral
advisor
James Stainforth Earley
Doctoral
students
Zvi Eckstein

Anne Osborn Krueger ( /ˈkrɡər/ ; [1] born February 12, 1934) is an American economist. She was the World Bank Chief Economist from 1982 to 1986, and the first deputy managing director of the International Monetary Fund (IMF) from 2001 to 2006. [2] She is currently professor of international economics at the Johns Hopkins School of Advanced International Studies in Washington, D.C. [3]

United States federal republic in North America

The United States of America (USA), commonly known as the United States or America, is a country composed of 50 states, a federal district, five major self-governing territories, and various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is slightly smaller than the entire continent of Europe's 3.9 million square miles. With a population of over 327 million people, the U.S. is the third most populous country. The capital is Washington, D.C., and the largest city by population is New York. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico. The State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean. The U.S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The extremely diverse geography, climate, and wildlife of the United States make it one of the world's 17 megadiverse countries.

Economist professional in the social science discipline of economics

An economist is a practitioner in the social science discipline of economics.

The World Bank Chief Economist provides intellectual leadership and direction to the Bank’s overall development strategy and economic research agenda, at global, regional and country levels.

Contents

Early life

Krueger was born on February 12, 1934, in Endicott, New York. Her father was a physician. Her uncles include the Australian politician Sir Reginald Wright and physiologist Sir Roy Wright. She received her undergraduate degree from Oberlin College and her Ph.D. in economics from the University of Wisconsin–Madison. [3]

Endicott, New York Village in New York, United States

Endicott is a village in Broome County, New York, United States. The population was 13,392 at the 2010 census. It is part of the Binghamton Metropolitan Statistical Area. The village is named after Henry B. Endicott, a founding member of the Endicott Johnson Corporation shoe manufacturing company, who founded the community as the "Home of the Square Deal".

Physician professional who practices medicine

A physician, medical practitioner, medical doctor, or simply doctor is a professional who practises medicine, which is concerned with promoting, maintaining, or restoring health through the study, diagnosis, prognosis and treatment of disease, injury, and other physical and mental impairments. Physicians may focus their practice on certain disease categories, types of patients and methods of treatment—known as specialities—or they may assume responsibility for the provision of continuing and comprehensive medical care to individuals, families, and communities—known as general practice. Medical practice properly requires both a detailed knowledge of the academic disciplines underlying diseases and their treatment—the science of medicine—and also a decent competence in its applied practice—the art or craft of medicine.

Reg Wright Australian politician

Sir Reginald Charles Wright was an Australian barrister and politician. A member of the Liberal Party, Wright served as a Senator for Tasmania from 1950 to 1978.

Professional career

As an economist, Krueger is known in macroeconomics and trade, famously coining the term rent-seeking in a 1974 article. [4] [5] Furthermore, she has frequently criticised the U.S. sugar subsidies. [6] She has published extensively on policy reform in developing countries, the role of multilateral institutions in the international economy, and the political economy of trade policy. In her 1996 Presidential address to the American Economic Association, she explored the lack of congruence between successful trade and development policies enacted worldwide and prevailing academic views.

In public choice theory and in economics, rent-seeking involves seeking to increase one's share of existing wealth without creating new wealth. Rent-seeking results in reduced economic efficiency through poor allocation of resources, reduced actual wealth-creation, lost government revenue, increased income inequality, and (potentially) national decline.

Developing country nation with a low living standard relative to other countries

A developing country is a country with a less developed industrial base and a low Human Development Index (HDI) relative to other countries. However, this definition is not universally agreed upon. There is also no clear agreement on which countries fit this category. A nation's GDP per capita compared with other nations can also be a reference point.

Political economy study of production, buying, and selling, and their relations with law, custom, and government

Political economy is the study of production and trade and their relations with law, custom and government; and with the distribution of national income and wealth. As a discipline, political economy originated in moral philosophy, in the 18th century, to explore the administration of states' wealth, with "political" signifying the Greek word polity and "economy" signifying the Greek word "okonomie". The earliest works of political economy are usually attributed to the British scholars Adam Smith, Thomas Malthus, and David Ricardo, although they were preceded by the work of the French physiocrats, such as François Quesnay (1694–1774) and Anne-Robert-Jacques Turgot (1727–1781).

She taught at the University of Minnesota from 1959 to 1982 before serving as World Bank Chief Economist from 1982 to 1986. [2] [3]

University of Minnesota public research university in Minneapolis and Saint Paul, Minnesota, United States

The University of Minnesota, Twin Cities is a public research university in Minneapolis and Saint Paul, Minnesota. The Minneapolis and St. Paul campuses are approximately 3 miles (4.8 km) apart, and the Saint Paul campus is actually in neighboring Falcon Heights. It is the oldest and largest campus within the University of Minnesota system and has the sixth-largest main campus student body in the United States, with 50,943 students in 2018-19. The university is the flagship institution of the University of Minnesota system, and is organized into 19 colleges and schools, with sister campuses in Crookston, Duluth, Morris, and Rochester.

After leaving the Bank, she taught at Duke University from 1987–1993, when she joined the faculty of Stanford University as Herald L. and Caroline L. Ritch Professor in Humanities and Sciences in the Department of Economics. [2] She was also the founding Director of Stanford's Center for Research on Economic Development and Policy Reform; and a Senior Fellow of the Hoover Institution.

Duke University private university in Durham, North Carolina, United States

Duke University is a private research university in Durham, North Carolina. Founded by Methodists and Quakers in the present-day town of Trinity in 1838, the school moved to Durham in 1892. In 1924, tobacco and electric power industrialist James Buchanan Duke established The Duke Endowment and the institution changed its name to honor his deceased father, Washington Duke.

Stanford University private research university located in Stanford, California, United States

Leland Stanford Junior University is an American private research university in Stanford, California. Stanford is known for its academic strength, wealth, proximity to Silicon Valley, and ranking as one of the world's top universities.

The Hoover Institution on War, Revolution, and Peace is an American public policy think tank and research institution located at Stanford University in California. It began as a library founded in 1919 by Republican and Stanford alumnus Herbert Hoover, before he became President of the United States. The library, known as the Hoover Institution Library and Archives, houses multiple archives related to Hoover, World War I, World War II, and other world history. According to the 2016 Global Go To Think Tank Index Report, Hoover is No. 18 in the "Top Think Tanks in the United States".

She served as First Deputy Managing Director of the International Monetary Fund (IMF) from September 1, 2001 to August 31, 2006, serving as Acting Managing Director of the Fund on a temporary basis between March 4, 2004 (resignation of Horst Köhler), and June 7, 2004 (starting date for Rodrigo de Rato's mandate). Until the appointment of Christine Lagarde in 2011, she was the only female to fill the role of IMF Managing Director.

International Monetary Fund International organisation

The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., consisting of "189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Formed in 1944 at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had SDR477 billion.

Horst Köhler German politician (CDU); president of Germany, 2004-2010

Horst Köhler is a German politician of the Christian Democratic Union, and served as President of Germany from 2004 to 2010. As the candidate of the two Christian Democratic sister parties, the CDU and the CSU, and the liberal FDP, Köhler was elected to his first five-year term by the Federal Assembly on 23 May 2004 and was subsequently inaugurated on 1 July 2004. He was reelected to a second term on 23 May 2009. Just a year later, on 31 May 2010, he resigned from his office in a controversy over his comment on the role of the German Bundeswehr in light of a visit to the troops in Afghanistan. During his tenure as German President, whose office is mostly concerned with ceremonial matters, Köhler was a highly popular politician, with approval rates above those of both chancellor Schröder and later chancellor Merkel.

Christine Lagarde French lawyer & Managing Director of the International Monetary Fund

Christine Madeleine Odette Lagarde is a French lawyer and politician who is currently serving as the Managing Director (MD) and Chairwoman of the International Monetary Fund (IMF). Lagarde has held the position since 5 July 2011.

In 2005, she was awarded the prestigious title of Honorary Patron of the University Philosophical Society, Trinity College Dublin. Beginning in the spring of 2007, she assumed the position of professor of international economics at the Johns Hopkins School of Advanced International Studies in Washington, D.C.

She is a Distinguished Fellow and past President of the American Economic Association, a member of the National Academy of Sciences, and a Research Associate of the National Bureau of Economic Research. She is the recipient of a number of economic prizes and awards.

Struggling with Success

The 1950s and the 1960s brought the neoclassical argument for open trade under attack because it had ignored (as Krueger quotes it) “dynamic considerations” and they stated that open trade was “static” (p. 51). [7] Throughout the 1990s there was a general consensus that open trade was anything but static and the benefits were largely “dynamic” (p51 [7] ).

In the book, Struggling with Success: Challenges Facing the International Economy (2012), Anne Krueger takes a defensive stance on globalization and the role it has played on improving the world and the lives of the people on it as a whole. She states that, “…globalization, has preceded at a rapid pace since about 1800 and the degree of interdependence has greatly increased (p 24 [7] ).” During the same time the industrial countries (whose economies were integrating) saw rapid growth in the quality of life for poor nations (p 24 [7] ). Krueger’s main focus is on the causes of the Asian “Tigers” growth, the rise of government regulation after and slightly before WWII and (regulations) inevitable fall, and how further deregulation improved the world economy.

Krueger places emphasis on the need to remove trade barriers and to deregulate domestic economies in the book Struggling with Success. Krueger says a lot of credit must be given to tools like “producer subsidy equivalent” in helping to remove trade barriers. “That tool permitted negotiations to begin restricting and dismantling agricultural protection (p 63 [7] ).” These effective protection and cost benefit analysis gave politicians “empirical quantification, however rough, of their relevant magnitudes (p 63 [7] ).” Krueger states that research results should be “observable, hopefully quantifiable, and recognizable by the policy maker (p 64 [7] ).” The most prevalent danger for economist is for their theories to be misinterpreted by policy makers (p 64 [7] ).

Ultimately, regulation has negative effects of the market in the country imposing the regulation and may have spillover effects on other countries trading with the nation imposing the regulations (p85 [7] ). She points to the interest equalization tax that caused the move of financial capital from the New York to London, Sarbanes-Oxley caused corporate headquarters to be moved from the US, and anti-dumping duties caused the move of computer assembly firms (p85 [7] ). She concludes here by saying that unprecedented economic growth from open trade regimes led to an increased appreciation of supply side economics.

Editorship

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References

  1. Prof. Dr Anne O. Krueger - 42nd St. Gallen Symposium
  2. 1 2 3 "Anne O. Krueger -- Biographical Information". www.imf.org. Retrieved 2016-04-25.
  3. 1 2 3 "Anne O. Krueger | SAIS". www.sais-jhu.edu. Retrieved 2016-04-25.
  4. "The Political Economy of the Rent-Seeking Society," American Economic Review 64.3 (1974): 291 Walter E. Williams 303
  5. Eamonn Butler, Public Choice: A Primer, London: Institute of Economic Affairs, 2012, p. 75
  6. "The Political Economy of Controls: American Sugar," NBER Working Paper 2504 (1988)
  7. 1 2 3 4 5 6 7 8 9 10 Krueger, Anne (2012). Struggling with Success: Challenges Facing the International Economy. Hackensack, New Jersey: World Scientific. pp. 24, 51, 63, 64, 85. ISBN   978-981-4374-32-3.
Diplomatic posts
Preceded by
Hollis Chenery
Chief Economist of the World Bank
1982–1986
Succeeded by
Stanley Fischer
Preceded by
Stanley Fischer
First Deputy Managing Director of the International Monetary Fund
2001–2006
Succeeded by
John Lipsky
Preceded by
Horst Köhler
Managing Director of the International Monetary Fund
Acting

2004
Succeeded by
Rodrigo Rato