The Wall and the Bridge: Fear and Opportunity in Disruption’s Wake

Free-market economists often have noted that there are winners and losers in a competitive capitalist world. The question of how to deal with the difficult real-life consequences faced by the losers, however, has largely been ignored. Populist politicians have tried repeatedly to address the issue by creating walls—of both the physical and economic kinds—to insulate communities and keep competition at bay. While recognizing the broad emotional appeal of walls, economist Glenn Hubbard argues that because they delay needed adaptations to the ever-changing world, walls are essentially backward-looking and ultimately destined to fail. Taking Adam Smith’s logic to Youngstown, Ohio, as a case study in economic disruption, Hubbard promotes the benefits of an open economy and creating bridges to support people in turbulent times so that they remain engaged and prepared to participate in, and reap the rewards of, a new economic landscape.

Glenn Hubbard is Director, Jerome A. Chazen Institute for Global Business, dean emeritus, and Russell L. Carson Professor of Finance and Economics at Columbia Business School. Hubbard received his BA and BS degrees summa cum laude from the University of Central Florida and also holds AM and PhD degrees in economics from Harvard University. In addition to writing more than 100 scholarly articles in economics and finance, Glenn is the author of three popular textbooks, as well as co-author of The Aid Trap: Hard Truths About Ending Poverty, Balance: The Economics of Great Powers From Ancient Rome to Modern America, and Healthy, Wealthy, and Wise: Five Steps to a Better Health Care System. His commentaries appear in Businessweek, The Wall Street Journal, The New York Times, the Financial Times, The Washington Post, Nikkei, and the Daily Yomiuri, as well as on television and radio.

From 2001 until 2003, he was chairman of the U.S. Council of Economic Advisers. In the corporate sector, he is on the boards of TotalEnergies, BlackRock Fixed Income Funds, and MetLife (where he is chair). Hubbard is co-chair of the Committee on Capital Markets Regulation; he is a past chair of the Economic Club of New York and a past co-chair of the Study Group on Corporate Boards.