The Secret Corporate Takeover
May 13, 2015
NEW YORK The United States and the world are engaged in a great debate about new trade agreements. Such pacts used to be called free-trade agreements; in fact, they were managed trade agreements, tailored to corporate interests, largely in the US and the European Union. Today, such deals are more often referred to as partnerships,as in the Trans-Pacific Partnership (TPP). But they are not partnerships of equals: the US effectively dictates the terms. Fortunately, Americas partners are becoming increasingly resistant.
It is not hard to see why. These agreements go well beyond trade, governing investment and intellectual property as well, imposing fundamental changes to countries legal, judicial, and regulatory frameworks, without input or accountability through democratic institutions.
Perhaps the most invidious and most dishonest part of such agreements concerns investor protection. Of course, investors have to be protected against the risk that rogue governments will seize their property. But that is not what these provisions are about. There have been very few expropriations in recent decades, and investors who want to protect themselves can buy insurance from the Multilateral Investment Guarantee Agency, a World Bank affiliate (the US and other governments provide similar insurance). Nonetheless, the US is demanding such provisions in the TPP, even though many of its partners have property protections and judicial systems that are as good as its own.
The real intent of these provisions is to impede health, environmental, safety, and, yes, even financial regulations meant to protect Americas own economy and citizens. Companies can sue governments for full compensation for any reduction in their future expected profits resulting from regulatory changes.
Read more at http://www.project-syndicate.org/commentary/us-secret-corporate-takeover-by-joseph-e--stiglitz-2015-05#c4O94fRsecjdkCjd.99
Bio: http://en.wikipedia.org/wiki/Joseph_Stiglitz
Jefferson23
(30,099 posts)snip* The text of the executive summary is below and the full version can be viewed here.
Principles for Trade: A Model for Global Progress
Americas current trade policy fails working families while increasing profits for the worlds largest corporations. Trade agreements should create a net increase of good American jobs, spur more balanced trade between partners, and improve governance, public health, and environmental protections around the world. The Congressional Progressive Caucus believes the following principles can ensure fairer trade agreements by prioritizing middle class families and removing special protections and privileges for corporations:
Protect Congress Authority to Set Trade Policy
Restore Balanced trade
Put Workers First
Stop Currency Manipulation
Expand Buy America Procurement Practices
Protect the Environment for Future Generations
Prioritize Consumers above Profits
Protect Nationhood Rights
Secure Affordable Access to Essential Medicines and Services
Respect Human Rights
Provide a Safety Net for Vulnerable Workers
Since implementation of the North American Free Trade Agreement (NAFTA) in 1994, the United States has lost millions of jobs in key sectors like manufacturing, wages have stagnated, and the standard of living for working families has dropped.
Outside of the United States, misguided trade policies are devastating both rural and urban communities in emerging nations, from the displacement of millions of small farmers in Mexico to low wages and terrible conditions for garment factory workers in Honduras. Trade agreements that destroy local livelihoods and provide workers with little economic opportunity create strong incentives for immigration to the United States. U.S. trade policy must focus on creating economic opportunity for working people in the United States and abroad, not only on maximizing short-term profits for large corporations
The United States negotiates some of the worlds largest trade agreements. These deals must put working families and our environment first. The United States must stop using trade agreements as investment deals for the worlds wealthiest corporations and instead prioritize higher wages, safer work and environmental standards, and a healthier world economy.
http://cpc.grijalva.house.gov/hot-topics/progressive-caucus-releases-trade-principles-that-put-workers-first-in-trade-agreements1/
Caucus Members
Co-Chairs
Raúl Grijalva
Keith Ellison
First Vice Chair
Mark Pocan
Vice Chairs
Matt Cartwright
David Cicilline
Ruben Gallego
Michael Honda
Sheila Jackson-Lee
Jan Schakowsky
Mark Takano
Whip
Barbara Lee
Senate Member
Bernie Sanders
House Members
Alma Adams
Karen Bass
Xavier Becerra
Don Beyer
Suzanne Bonamici
Corrine Brown
Michael Capuano
Andre Carson
Judy Chu
Katherine Clark
Yvette Clarke
Steve Cohen
Bonnie Watson Coleman
John Conyers
Elijah Cummings
Danny Davis
Peter DeFazio
Rosa DeLauro
Mark DeSaulnier
Sam Farr
Chaka Fattah
Lois Frankel
Marcia Fudge
Alan Grayson
Luis Gutierrez
Janice Hahn
Jared Huffman
Sheila Jackson-Lee
Hakeem Jeffries
Eddie Bernice Johnson
Hank Johnson
Joe Kennedy III
Brenda Lawrence
John Lewis
Ted Lieu
David Loebsack
Alan Lowenthal
Carolyn Maloney
Jim McDermott
James McGovern
Gwen Moore
Jerrold Nadler
Grace Napolitano
Rick Nolan
Eleanor Holmes Norton
Frank Pallone
Chellie Pingree
Jared Polis
Charles Rangel
Lucille Roybal-Allard
Jose Serrano
Louise Slaughter
Mark Takai
Bennie Thompson
Nydia Velazquez
Maxine Waters
Peter Welch
Frederica Wilson