In a daily analysis from last week, Council on Foreign Relations senior fellow Benn Still suggested that the United States is “exporting inflation worldwide.” The latest action by the US Federal Reserve may have staved off inflationary disaster domestically but only to the detriment of other nations who peg their currency to the dollar.

Venezuela struggled with inflation rates over 20 percent in 2007 (Bloomberg). Argentina and Bolivia face similar concerns. Official data puts Russian inflation for 2007 at nearly 12 percent (Forbes). Several Gulf Arab states also find themselves with inflation over or near 10 percent. In China, rates near 7 percent registered in December 2007 represent the highest inflation in over a decade. China’s Prime Minister Wen Jiabao recently announced Beijing would freeze short-term energy prices in an attempt to curb consumer price increases (NYT).

What happens when you sit down with 4 mid-career Harvard business grads (who just so happen to be from Argentina, China, Tanzania and Thailand) and two Harvard economists (one ‘pro-trade’ and the other ‘ambivalent’) and ask if their fellow citizens are for or against globalization? From the NewsHour:

NewsHour's Paul Solman: So first question: How would their fellow citizens vote if asked to give globalization a simple thumbs-up, thumbs-down?

Thailand Parliament Member Kriengsak Chareonwongsak : Fifteen percent on the pro, maybe 5 percent on the against, and the rest is a silent majority.

Paul Solman: Argentina?

World Bank Former Communications Officer Yanina Budkin: Sixty-five percent no, 35 percent yes.

Paul Solman: Tanzania?

Former Prime Minister of Tanzania Frederick Sumanye: Eighty-five percent no, 15 percent yes.

Paul Solman: China?

People's Bank of China Mingyou Bao: The majority of the Chinese people will say yes to this question. Globalization is a win-win for China and the rest of the world.

Paul Solman: For the last word, we turned to the professors. At the end of the day, what did free-trader Robert Lawrence hear? A common theme.

Harvard's Robert Lawrence: It was the need to somehow manage the process in some way. Nobody believes that it should just be unleashed and left without a very strong role for government in some way.

Paul Solman: What did the more skeptical Danny Roderick hear?

Harvard's Danny Roderick: Markets will not work on their own. You need all the institutions that regulate markets, that stabilize markets, that compensate to losers and provide the safety nets, without which markets can neither be legitimate or, for that matter, efficient, if you don't have the appropriate regulatory frameworks.

Paul Solman: You're from Turkey. What would the vote be in Turkey, pro-, anti-globalization?

Danny Roderick: Globalization's a dirty word, without any doubt, so I think we would get 60 percent of the people say that it's a bad thing.

Paul Solman: And you're from South Africa originally.

Robert Lawrence: And I think probably 70 percent against.

Paul Solman: And what do you think in America, if you just asked that question?

Danny Roderick: We know the answer. We take those polls all the time, and it's, again, between 55 percent and 60 percent.

Paul Solman: Against?

Danny Roderick: Against.

Paul Solman: Against globalization, the dirty word on so many people's tongues these days.

Watch the NewsHour's video of the discussion.