Keynote Address to the Tax Counsel Policy Institute, February 25, 2009. Reprinted in Taxes - The Tax Magazine, June 2009.
While the forces driving globalization have fundamentally altered the basis of economic competition, U.S. economic policy in general, and tax policy in particular, have failed to keep pace. Rather than coming to grips with the challenges that American firms and workers face competing in a knowledge-driven, globalized world economy, the political debate over globalization has been confined to the narrow arena of trade policy, missing the broader forces shaping America's economic future. Drawing on examples in the tax arena and others, the address illustrates the approach U.S. economic policy must adopt in order to ensure economic growth, rising productivity, a rising standard of living and a more broadly-shared prosperity.
While the forces driving globalization have fundamentally altered the basis of economic competition, U.S. economic policy in general, and tax policy in particular, have failed to keep pace. Rather than coming to grips with the challenges that American firms and workers face competing in a knowledge-driven, globalized world economy, the political debate over globalization has been confined to the narrow arena of trade policy, missing the broader forces shaping America's economic future. Drawing on examples in the tax arena and others, the address illustrates the approach U.S. economic policy must adopt in order to ensure economic growth, rising productivity, a rising standard of living and a more broadly-shared prosperity.
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