Stephen S. Roach
Encyclopedia
Stephen S. Roach is a senior executive with Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....

, the New York-based investment bank. In addition to his position at Morgan Stanley, Roach is a lecturer at Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...

's School of Management
Yale School of Management
The Yale School of Management is the graduate business school of Yale University and is located on Hillhouse Avenue in New Haven, Connecticut, United States. The School offers Master of Business Administration and Ph.D. degree programs. As of January 2011, 454 students were enrolled in its MBA...

 and Jackson Institute for Global Affairs
Jackson Institute for Global Affairs
The Jackson Institute for Global Affairs is a school of international relations at Yale University in New Haven, Connecticut. The program, launched in the beginning of the 2010-2011 academic year, is home to Yale's "Master’s Program in International Relations" and the undergraduate majors in...

.

Career

Stephen S. Roach holds a Ph.D.
Ph.D.
A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...

 in economics from New York University
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...

 and a Bachelor's degree in economics from the University of Wisconsin–Madison
University of Wisconsin–Madison
The University of Wisconsin–Madison is a public research university located in Madison, Wisconsin, United States. Founded in 1848, UW–Madison is the flagship campus of the University of Wisconsin System. It became a land-grant institution in 1866...

.

After earning his Ph.D., Roach was a research fellow at the Brookings Institution
Brookings Institution
The Brookings Institution is a nonprofit public policy organization based in Washington, D.C., in the United States. One of Washington's oldest think tanks, Brookings conducts research and education in the social sciences, primarily in economics, metropolitan policy, governance, foreign policy, and...

 in Washington, D.C. From 1972 until 1979, Roach served on the research staff of the Federal Reserve Board in Washington, D.C., where he supervised the preparation of the official Federal Reserve projections of the U.S. economy. From 1979 until joining Morgan Stanley, Roach was Vice President for Economic Analysis for the Morgan Guaranty Trust Company in New York.

Roach has been with Morgan Stanley since 1982, and has been the investment bank's chief economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...

 since 1991 and has served as head of the firm's global team of economists in New York, London, Tokyo, Hong Kong, Singapore, and Paris.

Economics

Global labor arbitrage
Global labor arbitrage
Global labor arbitrage is an economic phenomenon where, as a result of the removal of or disintegration of barriers to international trade, jobs move to nations where labor and the cost of doing business is inexpensive and/or impoverished labor moves to nations with higher paying jobs...

, a phenomenon described by economist Stephen S. Roach, where one country exploits the cheap labor of another, would be a case of absolute advantage
Absolute advantage
In economics, principle of absolute advantage refers to the ability of a party to produce more of a good or service than competitors, using the same amount of resources...

 that is not mutually beneficial.

Politics

Roach has made political cash donations to only Democratic Party candidates, including presidential hopefuls Hillary Clinton and Senator John Kerry.

External links

  • Column archive at Project Syndicate
    Project Syndicate
    Project Syndicate is an international not-for-profit newspaper syndicate and association of newspapers. It distributes commentaries and analysis by experts, activists, Nobel laureates, statesmen, economists, political thinkers, business leaders and academics to its member publications, and...

  • Column archive at The Globalist
    The Globalist
    The Globalist is a daily online magazine that "focuses on the economics, politics and culture" of globalization. "The Globalist" "aims to provide current and up-to-date news analysis and perspectives on wide-ranging global issues that touch all global citizens"...

  • Column archive at Aljazeera
  • Video of Stephen Roach discussing 'The Next Asia' at the Asia Society
    Asia Society
    The Asia Society is a non-profit organization that focuses on educating the world about Asia. It has several centers in the United States and around the world Hong Kong, Manila, Mumbai, Seoul, Shanghai, and Melbourne...

    in New York, September 30, 2009
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