Holding G-20 Meeting in Pittsburgh Does Not Make Sense
In a few days the G-20 summit will be held in Pittsburgh, Pennsylvania. The Group of Twenty (G-20) was set up in 1999 and meets frequently to discuss key issues facing the global economy. India is a member of this group along with the largest twenty economies of this world. The Indian Prime Minister, Manmohan Singh will be attending this meeting on Thursday and Friday.
The first thing that struck me about this news is the location of the summit. I have traveled to Pittsburgh many times (it is a six hour drive from Philadelphia). In my opinion Pittsburgh is not a top tier city in the United States economically anymore. The downtown area of Pittsburgh ranks only about 25 in the whole country when it comes to job creation.
Pittsburgh was founded around 1758 and until the seventies was known for its steel industry. But everything changed since then. Most of the steel industry moved out of Pittsburgh or moved out of the country altogether. The population of the city has steadily declined (currently its population is less than 350,000) as more and more people have chosen to leave the city and settle elsewhere. Most of the new jobs that are created are low paying jobs except a few in healthcare and university related jobs. Although Pittsburgh is a part of Pennsylvania, the attitude of the people is more Midwestern than Northeast (which is another reason why I am surprised at the G-20 decision). People in these parts of the country are not enthusiastic supporters of globalization, free trade, or international cooperation when it comes to implementing financial or monetary policies.
There are very few IT companies in Pittsburgh. Most Indians in the Pittsburgh area either work or go to school in the various universities (the popular ones are Carnegie Mellon and University of Pittsburgh (UPMC is actually the largest employer in the State of Pennsylvania which says a lot about the direction that this state and the country is heading)). Many Indians tourists also visit the Sri Venkateswara Temple in Penn Hills (suburb of Pittsburgh). This temple is one of the oldest Hindu temples in the United States. One of the few things that is going for Pittsburgh are their sports teams. Although small market teams the Pittsburgh Steelers (Football team) and the Penguins (Ice Hockey team) are the current champions in their respective sports.
So why did the G-20 decide to hold its meeting in Pittsburgh? It will provide a short term boost to the local city economy. But the city might act as a reminder to all those who are attending about the dangers facing everyone in a global economy. The interests of employees, cities and countries are much more important than the interests of the shareholder, business or industry. It is a reminder to the G-20 that they should promote policies that are beneficial to the public and not to giant multinational companies. If they do not, all they have to do is step outside the conference rooms and hotels and stare at the almost empty offices and other buildings in downtown Pittsburgh. The evidence for the end result will be all around you.
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- Is the American Dream Dead?
- Electric Cars in India but Not in America
- An Indian Who Loves American Football
Category: News & Government