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Sen Cautiously Praises Economy

"The world of Bretton Woods is not the world in which we live today," he said.

In his 30-minute long speech, Sen also made several pointed criticisms of the inequality within the U.S. While African-Americans in the U.S. are poorer than whites, he said, they are richer than people in developing countries.

But, he said, blacks in America have a lower life expectancy due to the lack of medical insurance and other inner city institutions, which the current economic boom has not fixed.

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In spite of these doubts, however, Sen carefully avoided indicting the process of global integration.

"The opposite of globalization is seclusion and autarky," he said.

Sen summoned the image of a frog, living in a well, who is suspicious of everything outside.

"The frog has a worldview, but it's just inside the well," he said.

Several members of the audience regarded Sen's speech warmly.

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