Dear NBER Researchers,
The Council on Foreign Relations recently released a thoughtful bipartisan
Task Force study on "Trade and Investment." The impetus to launch the Task
Force was the recognition that our country has lost (despite finally
passing 3 FTAs that have been pending for 3 to 4 years) the public and
bipartisan consensus supporting trade liberalization and globalization.
Further, the facts support the reality that trade liberalization has been a
substantial positive force for growth for the U.S. and global economy,
lifting literally millions of people out of poverty since WW II. Trade
liberalization has been led on the international stage by a strong and
confident America.
The unique aspect of this Task Force study was the broad cross-section of
thoughtful Americans who actually participated in the dialogue. It was
co-chaired by former Senate majority leader Senator Tom Daschel and former
Secretary Andy Card. The 22 Task Force members included former governors,
congressional leaders, labor leaders, economists, and a former CEO -- 21 of
the 22 members signed off on the final report. The recommendations
supported re-invigorating a proactive trade expansion policy and stepping
up efforts to stimulate private sector investment, including foreign
director investment. It's notable that some members found it difficult to
champion trade expansion while in office, but no one on the Task Force is
currently in office or running.
Matt Slaughter, an economics professor from Dartmouth, was one of the
co-authors of the Task Force report and his data on the importance of
international companies to our nation's economic success was incorporated
in the final Task Force report. To summarize: MNCs active in the U.S.
account for less than one percent of the companies but are vitally
important to our global economic competitiveness and job creation. Despite
this our universal tax regime discourages their investment here!
I trust that you'll find this study and its recommendations of interest
given the thought leadership you provide in the area of Trade Economics.
If you have questions, please contact me or Ted Alden, CFR Senior Fellow,
at ealden_at_cfr.org.
Best regards,
Jim Owens
______________________________________
James W. Owens
Caterpillar Chairman & CEO Emeritus
Work 309 675 1331 | Cell 309 253 0900 | Fax 309 675 1333
Email jwowens1_at_gmail.com
Received on Mon Nov 07 2011 - 17:35:23 EST
