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In both the US and emerging markets, a globalization agenda based on democratic capital
markets feels morally right, economically sound, and it advances what most ordinary citizens see
as their personal interests.
It will also broaden and deepen the support for the difficult financial reforms that emerging
markets clearly need to undertake. The IMF and other observers are completely right to say that
emerging markets need to implement serious and detailed reforms in their financial systems and
capital markets - without losing ground on macro-economic and labor market reforms. To win
support for these measures. developing country politicians need to be able to point to concrete
goals which their people can understand and support.
Beyond the thirty year mortgage, there are a number of other ways that capital markets can be
shaped to serve ordinary people. Again, many of them have been tested and tried in the United
States and other advanced countries. Programs to enable small and medium sized businesses to
access finance at reasonable rates have been immensely successful here and abroad. The World
Bank and the IMF can and should be encouraged to do much more to see that the capital markets
of emerging economies do not simply serve wealthy individuals and large, well capitalized
companies. That means looking at securitization and lengthened maturities, especially for small
and medium sized businesses.
The President of the United States should take the lead in making democratic capital access the
key to the "next stage" of the globalization process. The world can't be whipped into endless
rounds of 'reforms' that never seem to end - and that in many countries never seem to leave
ordinary people any better off than they were.
The message needs to be that we have turned a corner. We have laid a foundation for a new type
of growth; the sacrifices have not been in vain. Now we've created worldwide capital markets;
now we' ve seeded industrial revolutions across the developing world. So let's move on to the
next step: building mass affluence and security based on hard work, family values and the
enormous power of credit.
We must continue to press ahead so that more countries can acquire the technology and skills
that make success. We can't relax our efforts to open markets, especially in the ways that most
benefit the poorest countries. Nor can we ignore the need for good governance and reforms in
countries who have not yet embraced the new ideas.
But in the many countries where the building blocks of success are already there - places like
Mexico, Chile, Argentina and Brazil in our hemisphere, places like Korea, Thailand, the
Philippines, Indonesia and Malaysia in Asia - the time has come to move to the higher ground:
We need democratic access to capital so that the enterprise and entrepreneurial talents of ordinary
people can build a world of opportunity in emerging economies.
It's one thing to call for financial reforms of this type; it's another to put them in place. The
biggest obstacle to long term lending like this to developing countries is the currency risk. Given
the track records of instability and inflation, few dollar, euro or yen investors would want to
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"ocrText": "In both the US and emerging markets, a globalization agenda based on democratic capital\nmarkets feels morally right, economically sound, and it advances what most ordinary citizens see\nas their personal interests.\nIt will also broaden and deepen the support for the difficult financial reforms that emerging\nmarkets clearly need to undertake. The IMF and other observers are completely right to say that\nemerging markets need to implement serious and detailed reforms in their financial systems and\ncapital markets - without losing ground on macro-economic and labor market reforms. To win\nsupport for these measures. developing country politicians need to be able to point to concrete\ngoals which their people can understand and support.\nBeyond the thirty year mortgage, there are a number of other ways that capital markets can be\nshaped to serve ordinary people. Again, many of them have been tested and tried in the United\nStates and other advanced countries. Programs to enable small and medium sized businesses to\naccess finance at reasonable rates have been immensely successful here and abroad. The World\nBank and the IMF can and should be encouraged to do much more to see that the capital markets\nof emerging economies do not simply serve wealthy individuals and large, well capitalized\ncompanies. That means looking at securitization and lengthened maturities, especially for small\nand medium sized businesses.\nThe President of the United States should take the lead in making democratic capital access the\nkey to the \"next stage\" of the globalization process. The world can't be whipped into endless\nrounds of 'reforms' that never seem to end - and that in many countries never seem to leave\nordinary people any better off than they were.\nThe message needs to be that we have turned a corner. We have laid a foundation for a new type\nof growth; the sacrifices have not been in vain. Now we've created worldwide capital markets;\nnow we' ve seeded industrial revolutions across the developing world. So let's move on to the\nnext step: building mass affluence and security based on hard work, family values and the\nenormous power of credit.\nWe must continue to press ahead so that more countries can acquire the technology and skills\nthat make success. We can't relax our efforts to open markets, especially in the ways that most\nbenefit the poorest countries. Nor can we ignore the need for good governance and reforms in\ncountries who have not yet embraced the new ideas.\nBut in the many countries where the building blocks of success are already there - places like\nMexico, Chile, Argentina and Brazil in our hemisphere, places like Korea, Thailand, the\nPhilippines, Indonesia and Malaysia in Asia - the time has come to move to the higher ground:\nWe need democratic access to capital so that the enterprise and entrepreneurial talents of ordinary\npeople can build a world of opportunity in emerging economies.\nIt's one thing to call for financial reforms of this type; it's another to put them in place. The\nbiggest obstacle to long term lending like this to developing countries is the currency risk. Given\nthe track records of instability and inflation, few dollar, euro or yen investors would want to"
}