Ask the Scholar
Document scope · 1 page
Scholar
Ask about this object, its catalog metadata, its source description, or the page inventory.
For page-specific OCR and visual context, open one of the page chats.
Scholar Source Context
Document identity
localId
1534557
label
1975/05/26 - Economic Meeting
core
doc
dtoType
document
citationUrl
pageCount
1
Source metadata
id
1534557
sourceUrl
contentType
document
title
1975/05/26 - Economic Meeting
citationUrl
collections
James M. Cannon Files (Ford Administration)
James Cannon's Meetings Files
subjects
International economy
iiifBase
thumbnailUrl
largeImageUrl
imageCount
1
hasImages
yes
source
import
hasTranscription
no
Source extras
naId
1534557
coverageEndDate
logicalDate
1975-05-31
month
5
year
1975
coverageStartDate
logicalDate
1975-05-01
month
5
year
1975
levelOfDescription
fileUnit
recordType
description
ocrSource
nara-archive
Single page context
seq
1
pageIndex
0
type
document
url
mediaId
ccdf9e721141906a
ocrText
The original documents are located in Box 45, folder "1975/05/26 - Economic Meeting" of
the James M. Cannon Files at the Gerald R. Ford Presidential Library.
Copyright Notice
The copyright law of the United States (Title 17, United States Code) governs the making of
photocopies or other reproductions of copyrighted material. Gerald Ford donated to the United
States of America his copyrights in all of his unpublished writings in National Archives collections.
Works prepared by U.S. Government employees as part of their official duties are in the public
domain. The copyrights to materials written by other individuals or organizations are presumed to
remain with them. If you think any of the information displayed in the PDF is subject to a valid
copyright claim, please contact the Gerald R. Ford Presidential Library.
8 AM - White House SEnior
Economic meeting
Staff Meeting
Monday, May 26, 1975
1) Nessen- Suichment
Deadhmi
A
Digitized from Box 45 of the James M. Cannon Files at the Gerald R. Ford Presidential Library
THE WHITE HOUSE
WASHINGTON
May 24, 1975
ECONOMIC MEETING
May 26, 1975
8:00 a.m.
Cabinet Room
From: L. William Seidman
I. PURPOSE
To discuss the Administration's approach to the "new
economic order" and Secretary Kissinger's speech at
the OECD Ministerial meeting May 28.
II. BACKGROUND, PARTICIPANTS AND PRESS PLAN
A. Background: The LDC's are continuing to press
their demands for a new economic order entailing
economic agreements and arrangements that would
redistribute wealth from the relatively rich to
the relatively poor nations. The topic was ad-
dressed at the recent EPB International Economic
Policy Review and it was agreed that further dis-
cussion and development of the U.S. Government's
response to these demands is needed.
Secretary Kissinger will be addressing an OECD
Ministerial meeting May 28. A draft of his re-
marks is attached at Tab A and has been reviewed
by members of the Economic Policy Board Executive
Committee. This provides an appropriate occasion
to discuss with you what should be the Administra-
tion's general approach to the new economic order.
B. Participants: Henry A. Kissinger, William E. Simon,
L. William Seidman, James T. Lynn, Alan Greenspan,
John T. Dunlop, Rogers C.B. Morton, Frank G. Zarb,
Brent Scowcroft, Donald Rumsfeld
C. Press Plan: No press.
2
III. AGENDA
A. Administration Approach to the New Economic Order
Secretary Simon, Secretary Kissinger, Alan Green-
span and Jim Lynn will indicate their views re-
garding what should be the Administration's gen-
eral approach to the new economic order.
THE SECRETARY OF THE TREASURY
WASHINGTON 20220
MEMORANDUM FOR THE PRESIDENT
During the past several weeks, we have participated in
discussions on important international economic issues.
Recent public presentations by the Secretary of State
have been sufficiently ambiguous to preserve the oppor-
tunity for you to decide policy issues. This is also
true of a speech he will deliver at the OECD this week.
However, as a result of this process it has become obvious
that in the international field, we are in danger of com-
promising our basic commitment to the free enterprise
system. At this point, we believe it is important for you
to focus on the principles on which our strategy in the
international area is founded.
1. Much of the Third World is pushing for a new interna-
tional economic order based on socialist principles.
While we would like to avoid a confrontation, we
clearly cannot acquiese in, or compromise with, this
new economic order. A socialist economic order out-
side the United States would require us to either
(a) become socialist or quasi-socialist or (b) become
economically isolationist.
2. The issue that is posed is fundamental:
--Do we respond by reaffirming our own commitment to
the basic principles of free enterprise and free
markets, but offering to discuss and negotiate on
problem areas in a spirit of practical cooperation?
--Or do we respond by being forthcoming and indicating
that we are prepared to accept the inevitability of
a fundamental change in international economic arrange-
ments, but still bargaining hard on a case by case
basis on particular issues?
3. We do not want to pursue a policy based on promising the
rest of the world a great deal now, knowing that we do
not intend to deliver on these promises, implied or
stated, at a later time. Instead, we should be maintain-
ing our leadership role which seeks to preserve the
economic system based primarily on private ownership and
free competitive markets.
- 2 -
4. We believe that our interests can only be served by
speaking out frankly and forthrightly concerning our
basic disagreement in principle with those who are
demanding a new world economic order. The principles
of free markets and free enterprise are, after all,
what we stand for and what we believe in. If we fail
to speak out in their defense, no one else will be
able to do SO.
5. Clearly, an area where this fundamental choice is
confronting us is in the third world's pressure for
international arrangements with respect to commodities.
It was central to the breakdown of the preparatory
conference on energy in Paris and it will be presented
to you throughout your upcoming European trip. If we
posture ourselves as willing to discuss this area with
an eye toward "new solutions" or "new arrangements,"
the world will perceive this as a willingness on our
part to compromise our basic system. In any state-
ments referring to discussions on this issue, we should
not be afraid to strongly assert that the United States,
as well as the less fortunate countries, can best be
served not by a system of government agreements on
various aspects of international trade and finance, but
rather by continued reliance on the effective private
institutions which have evolved in these areas.
6. This policy does not'mean that we need posture ourselves
as seeing no avenues of improvement in the existing
system. However, if we agree, or give the appearance
of agreement, to changes in the international economic
system abroad, we will be in danger of jeopardizing the
principles you have been building at home and our economic
and military strengths will increasingly count for less
in the world.
THE ECONOMIC POLICY BOARD
W.E.SIMON
L. W. SEIDMAN
5/4/75
Evenue meeting
I believe in from entryper
P
I an a progructest
But I also betw w publect
solving, new concern about
getting it don them the
Phonology.
How one
Gum a little on work in
our to orlveri in
poblem soloring efforts we make.
on other law, no corporan or
bonz philosophy.
HAVE
CAC - domneter by Soudent nucks
Condun Salem of Eamn.
GERALD, FORD
Democrance stated my the
people who Kun Who they
which - we own foundy buthers
HAVE
lets' unt when or
new aka one or above- -
at is woh at The problem
and an what we can do
P- new the -Time apport -
1) got I regatate
2) what do you wegating
Bunn- Rehini lead in catalizui, The work
GERALD FORD LIBRARY