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policies. our financial assistance policies and our approach to issues of international financial
architecture should all be clearly related to and supportive of this basic agenda, and the
connections should be obvious and compelling to the average American.
The President can. I think. propose exactly this kind of agenda - and, if my experience at the
Council on Foreign Relations is any guide, he can have it endorsed by leaders in the business,
financial and labor communities. Creating a strong public consensus behind the nation's
international economic agenda is a substantive achievement; 2000 could be the year in which
President Clinton helps heal the Democratic Party's internal divisions over economic policy and
shapes the American and world economic policy debate for many years to come.
II. Building an International Consensus for Globalization
There is a single, time tested policy tool that sums up what a positive global economic agenda
would look like. Millions of American families understand and value this tool. It was the most
important single policy initiative that was used to build a strong middle class in the United
States.
This is the thirty year self-amortizing mortgage, a financial device that has given tens of millions
of American families a stake in the system. Along with the system of municipal and utility
finance that goes with it (towns borrow money for sewage treatment and roads based on the tax
revenues brought in by new developments), the thirty year mortgage transformed American
society.
The President's message can and should be that the financial and industrial basis has now been
created in many key countries to build middle class societies there. It is time now for the
international financial community to make affordable home loans possible for ordinary families
in emerging market economies. We also need to use the flexibility and power of capital markets
to enable small and medium sized businesses in emerging markets to gain access to capital at
reasonable rates - democratic access to capital for homeowners and small business.
From the standpoint of ordinary Americans, democratic capital access represents a step away
from export dependency in the developing world - and this can and should be presented as one
of your key policy goals. An economic expansion based on home construction and small
business growth places more weight on domestic demand, less on exports to the US. This policy
does not sacrifice American jobs to foreign prosperity, but nor does it sacrifice the prospects of
poor people overseas to protect American jobs. That doesn't mean a retreat from free trade; on
the contrary. free trade will become more popular in the United States when we have concrete
programs to help developing countries follow more balanced, sustainable growth strategies.
Still, American trade policy will be more popular and more effective if people believe that we are
looking to reduce export dependency.
Creating democratic, long term capital markets in developing countries is more than good
domestic politics. It's sound economics and will help stabilize the international financial system,
making future crises both less likely and less costly. Currently in the US, individual mortgages
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"ocrText": "policies. our financial assistance policies and our approach to issues of international financial\narchitecture should all be clearly related to and supportive of this basic agenda, and the\nconnections should be obvious and compelling to the average American.\nThe President can. I think. propose exactly this kind of agenda - and, if my experience at the\nCouncil on Foreign Relations is any guide, he can have it endorsed by leaders in the business,\nfinancial and labor communities. Creating a strong public consensus behind the nation's\ninternational economic agenda is a substantive achievement; 2000 could be the year in which\nPresident Clinton helps heal the Democratic Party's internal divisions over economic policy and\nshapes the American and world economic policy debate for many years to come.\nII. Building an International Consensus for Globalization\nThere is a single, time tested policy tool that sums up what a positive global economic agenda\nwould look like. Millions of American families understand and value this tool. It was the most\nimportant single policy initiative that was used to build a strong middle class in the United\nStates.\nThis is the thirty year self-amortizing mortgage, a financial device that has given tens of millions\nof American families a stake in the system. Along with the system of municipal and utility\nfinance that goes with it (towns borrow money for sewage treatment and roads based on the tax\nrevenues brought in by new developments), the thirty year mortgage transformed American\nsociety.\nThe President's message can and should be that the financial and industrial basis has now been\ncreated in many key countries to build middle class societies there. It is time now for the\ninternational financial community to make affordable home loans possible for ordinary families\nin emerging market economies. We also need to use the flexibility and power of capital markets\nto enable small and medium sized businesses in emerging markets to gain access to capital at\nreasonable rates - democratic access to capital for homeowners and small business.\nFrom the standpoint of ordinary Americans, democratic capital access represents a step away\nfrom export dependency in the developing world - and this can and should be presented as one\nof your key policy goals. An economic expansion based on home construction and small\nbusiness growth places more weight on domestic demand, less on exports to the US. This policy\ndoes not sacrifice American jobs to foreign prosperity, but nor does it sacrifice the prospects of\npoor people overseas to protect American jobs. That doesn't mean a retreat from free trade; on\nthe contrary. free trade will become more popular in the United States when we have concrete\nprograms to help developing countries follow more balanced, sustainable growth strategies.\nStill, American trade policy will be more popular and more effective if people believe that we are\nlooking to reduce export dependency.\nCreating democratic, long term capital markets in developing countries is more than good\ndomestic politics. It's sound economics and will help stabilize the international financial system,\nmaking future crises both less likely and less costly. Currently in the US, individual mortgages"
}