It is a pleasure and an honor to be here in Munich for this interesting and thought provoking conference on globalization organized efficiently by Prof. Dr. Joseph Straus and his many able associates. It is a particular honor to follow Prof. Hubert Markl, former president of the Max Planck Society, on the program. I wish to start with two preliminary observations that arise from the sad experience, for me, of witnessing a very negative U.S. presidential campaign on the Democratic side in terms of attacking the perceived ills of “globalization.” My first observation is that I am not sure that different people are referring to the same thing when they use the term “globalization.” Frequently, it seems as though all of the undesirable effects of economic and technological change are blamed on this amorphous and undefined thing. Some intend the term to refer to free trade while others mean enhanced and prevalent international economic contacts, and, finally, some mean it to refer to the unregulated flow of capital across national boundaries. My second preliminary observation is really an effort by me to disclose a bias on my part for globalization, for free trade and also for the free flow of capital goods. I believe these forces are the best guarantees in the long run for a harmonious world order in which all nations and people are able to compete freely and achieve prosperity. Having stated my observations I admit to some discouragement based on listening to many of the preceding speakers at this conference excluding inter alia Dr. Andrzej Olechowski from Poland. The common assumption of these speakers has been that globalization or globalized free trade has produced only or primarily “problems” which need to be dealt with by adopting market dampening subsidies, special regimes of protection, and social insurance schemes that will inhibit or even prevent the improvement and development of an efficient world market in goods and services. I realize that this is the mood of the day but if, like me, you believe in neo-classical economics this is a sad and unwise mood and set of developments.