May 24, 2004

Virtue Foundation Presents Panel Discussion at the Rockefeller University on Outsourcing and Economic Globalization

New York, NY – May 24, 2004 – On Tuesday, May 25th at 7:30 p.m., Virtue Foundation, in collaboration with The Nour Foundation, will present a distinguished panel of economic experts at The Rockefeller University’s Caspary Auditorium to discuss “The Implications of Outsourcing: The Economics of Globalization.”

With the presidential elections steadily approaching in November, heated discussions about the state of the economy have once again taken center stage, with the issue of outsourcing, or the importing of services from lower-wage countries like India or China, generating one of the key disagreements between the political parties. Moderated by Shashi Tharoor, Under-Secretary-General for the Department of Communications and Public Information at the United Nations, the panel will include Dr. Michael T. Clark, Executive Director of the U.S.-India Business Council; Andy Dimitri, Director and Chief Operating Officer of the Information Technology Division at CSFB; Kristin J. Forbes, Member of the Council of Economic Advisers; Tarun Khanna, Professor of Business Administration at Harvard Business School; and Teresa McGonagle, Senior Vice President and Global Practice Leader at JP Morgan Chase.

Primarily limited in the past to simple, labor-intensive services such as answering complaints or solving computer problems over the telephone, outsourcing today is increasingly taking aim at white-collar jobs as well. As the explosion of college graduates in low-wage nations continues, American workers face the prospect of millions of well-educated people in India, China, and Russia who are willing and able to perform any job that can be done within the United States, raising the pressing issue of how U.S. workers will be able to compete with equally qualified professionals in developing countries for a fraction of the price?

Virtue Foundation is a public charity dedicated to researching and developing a body of universal ethical principles that transcends such boundaries as race, culture, gender, and religion to foster a spirit of solidarity and tolerance among human beings worldwide. Through its diverse multidisciplinary events, the Foundation seeks to raise public awareness of global issues and to promote the application of universal principles of ethical behavior within the context of daily life.