Center for American Progress (CAP) holds panel discussion on “The Future Direction of US International Economic Policy”

Richard Samans, Senior Fellow, CAP; Managing Director, World Economic Forum, led the panel discussion including major economists Tim Adams, former Under Secretary of the Treasury for International Affairs; Ron Blackwell, Chief Economist, AFL-CIO; and Gene Sperling, Senior Fellow, CAP; Director, Center for Universal Education, Council on Foreign Relations. The stimulating discussion stemmed from “Virtuous Circle: Strengthening Broad-Based Global Progress in Living Standards,” a recent report by Mr. Samans and Jonathan Jacoby as part of CAP’s Progressive Growth series on the next administration’s economic policy.

The panel began with Samans outlining the main points of his report, followed by the other economists’ commentary on the report and their take on the current state of US economic policy. The overall bent of the discussion was that globalization is underperforming. The framework of the report dictates that in order to broaden social benefits around the world we must diversify the sources of economic growth, and diffuse gains of growth for all people. Blackwell made an interesting comment that trade policy, which the US seems to be fixated on and is fast becoming the third rail of American politics, is not so important as the quality and quantity of integration. Sperling also elaborated on how the IMF and WTO are outdated. There is a serious need for them to move and be restructured It is important to note that the panel centered on the position that the concern is not so much the amount of growth as much as how they are growing.