Toyota Recall Helps U.S. Carmakers Only in Short Term, Says U.Va. Expert On Global Political Economy

• Herman Schwartz
Professor of Politics, University of Virginia
434-227-0180 (mobile)
434-924-7818 (office)
schwartz@virginia.edu

February 9, 2010 – Toyota's recent recalls of almost 8 million vehicles worldwide, most for defective accelerator pedals linked to sudden acceleration, has put a dent in the company's reputation.

"Toyota's reputation for quality has been seriously but not irreparably damaged," said Herman Schwartz, a professor of politics at the University of Virginia who specializes in the politics of the global economy, including detailed study of various industries (automobiles, aircraft, semiconductors and biotech) in the U.S., other industrial countries and developing nations.

"Though U.S. carmakers will benefit in the short run, they have 30 years of poor quality to fix, rather than two widespread recalls."

Schwartz is available for further media comments on the Toyota recall saga.

His well-known book, "States vs. Markets: The Emergence of the Global Economy" (2000), has been translated into Chinese and was recently re-released as a revised third edition. His most recent books are "Subprime Nation: American Power, Global Capital and the Housing Bubble" (2009) and "The Politics of Housing Market Booms and Busts" (2009).

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