A New Approach to Trade

Letters to the Editor

washingtonpost.com
Monday, March 3, 2008; Page A16

Steven Pearlstein, who criticized Wall Street in his column "Mobilization for Globalization" [Business, Feb. 27], may be surprised that the 20 leading Wall Street chief executives who comprise the Financial Services Forum agree with his call for a more serious debate about globalization in Washington. In fact we recently commissioned a study ("Succeeding in the Global Economy: A New Policy Agenda for the American Worker") aimed at encouraging a new approach to trade that embraces the benefits of open markets while doing more to help workers.

A meaningful approach to the challenges of globalization lies somewhere between the reflexively pro-trade and anti-trade ideological fault lines.

Many workers have legitimate concerns about trade that should not be ignored. However, with export growth accounting for 40 percent of overall economic growth last year, retreating into economic isolationism would do real damage to the U.S. economy -- a serious mistake at a time of slowing economic growth.


ROB NICHOLS


President and Chief Operating Officer

The Financial Services Forum
http://www.financialservicesforum.org/site/c.mtJ2J7MKIsE/b.1529709/

Chevy Chase

http://www.washingtonpost.com/wp-dyn/content/article/2008/03/02/AR2008030201759.html?wpisrc=newsletter