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IV. Complementary Impacts
These initiatives - democratic capital markets and regional retirement and a tripartite
development initiative - would work together in the region, each enhancing the benefits of the
other. A sustained outflow of American retirees into neighboring countries would help stabilize
their economies. making dollarization both less necessary and less difficult. The Mexican peso
might become a hard currency with enough Americans pumping enough dollars into the
economy. Assuming rational economic policies in Mexico, external investors would be unlikely
to worry that Mexico would experience hard currency shortages. This reduces borrowing costs
and lessens the chance that any of the funded projects would require financial bail outs down the
road.
In this environment, with or without dollarization, the spread of democratic capital markets
(thirty year mortgages, securitized loans to small business, etc.) would spread the benefits of
prosperity. The infrastructure of roads and airports created to serve the retirees would also serve
new business - just as Florida and Arizona have seen major business development take place as
their transportation infrastructures have improved.
In combination, the initiatives could be credibly presented as a regional development strategy
that promised stability and prosperity in Mexico and the region, rising wages and improved
environmental conditions south of the border, a substantial reduction in illegal immigration, and
a decisive turn away from export oriented growth strategies.
All this without new foreign aid programs, and perhaps at a net savings to the US Treasury due
to reduced Medicare costs.
V. Putting These Issues on the Public Agenda
These ideas are consensus ideas, not "right" or "left" ideas. They depend on free markets, and to
a large extent require continued neo-liberal economic reforms in emerging markets. They are
market friendly. Business likes them.
At the same time they meet key tests of labor and other progressive groups: they bring tangible
benefits to ordinary people, and they move the world economy and American policy decisively
away from fostering or appearing to foster export dependency in poor countries.
By putting these ideas on the global agenda, the President can have a dramatic impact on some of
the most serious problems facing the country. He can give new substance to the idea of a 'third
way' and he can change the economic policy debate in ways whose consequences will
reverberate down the years.
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"ocrText": "IV. Complementary Impacts\nThese initiatives - democratic capital markets and regional retirement and a tripartite\ndevelopment initiative - would work together in the region, each enhancing the benefits of the\nother. A sustained outflow of American retirees into neighboring countries would help stabilize\ntheir economies. making dollarization both less necessary and less difficult. The Mexican peso\nmight become a hard currency with enough Americans pumping enough dollars into the\neconomy. Assuming rational economic policies in Mexico, external investors would be unlikely\nto worry that Mexico would experience hard currency shortages. This reduces borrowing costs\nand lessens the chance that any of the funded projects would require financial bail outs down the\nroad.\nIn this environment, with or without dollarization, the spread of democratic capital markets\n(thirty year mortgages, securitized loans to small business, etc.) would spread the benefits of\nprosperity. The infrastructure of roads and airports created to serve the retirees would also serve\nnew business - just as Florida and Arizona have seen major business development take place as\ntheir transportation infrastructures have improved.\nIn combination, the initiatives could be credibly presented as a regional development strategy\nthat promised stability and prosperity in Mexico and the region, rising wages and improved\nenvironmental conditions south of the border, a substantial reduction in illegal immigration, and\na decisive turn away from export oriented growth strategies.\nAll this without new foreign aid programs, and perhaps at a net savings to the US Treasury due\nto reduced Medicare costs.\nV. Putting These Issues on the Public Agenda\nThese ideas are consensus ideas, not \"right\" or \"left\" ideas. They depend on free markets, and to\na large extent require continued neo-liberal economic reforms in emerging markets. They are\nmarket friendly. Business likes them.\nAt the same time they meet key tests of labor and other progressive groups: they bring tangible\nbenefits to ordinary people, and they move the world economy and American policy decisively\naway from fostering or appearing to foster export dependency in poor countries.\nBy putting these ideas on the global agenda, the President can have a dramatic impact on some of\nthe most serious problems facing the country. He can give new substance to the idea of a 'third\nway' and he can change the economic policy debate in ways whose consequences will\nreverberate down the years."
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