Köhler awarded honorary professorship

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On October 16, Eberhard Karls University in Tübingen honored one of its graduates, IMF Managing Director Horst Köhler, with an honorary professorship. In remarks on the occasion, Köhler urged his audience to work for "better globalization."

Globalization is hardly a new phenomenon, he observed, with roots at least as far back as the eleventh century. The first great wave of trade and financial integration in the second half of the nineteenth century was interrupted by two world wars and the Great Depression. But these tragedies, he said, also yielded a new spirit of international cooperation-including the creation of the IMF-that helped spur a second great wave of global economic integration and prosperity.And now the world is witnessing a third wave, with the transformation of "new globalizers," such as Brazil, China, India, and Mexico.

However, the 1.2 billion people still living in absolute poverty provide stark evidence, Köhler said, that many...