The Global Economy & U.S. Foreign Policy

Elison Elliott

15 years ago

U.S. Foreign Policy and the Global Economy: a 'New Era of Engagement'

Echoing the theme and concept of the Global Markets & Foreign Policy blog, ‘The Caucus,’ the New York Time’s political blog, in honor of the opening plenary session of the United Nations’ (UN) General Assembly is featuring a blog page titled Foreign Policy and the Global Economy. It’s an interesting read.

‘[W]hen a superpower becomes an agent of change—in word and deed, in policy and tone…we are demonstrating that the United States is willing to listen, respect differences, show mutual respect and consider new ideas from nations large and small. Even more importantly, we are advancing our interests and making Americans safer.’

–United States UN Ambassador, Susan E. Rice

The blog covers largely the main points President Obama will address as he attempts to re-establish the U.S. to a position of global leadership through a set of initiatives titled ‘A New Era of Engagement’ with the world introduced earlier this year by his U.N. Ambassador, Susan E. Rice. The Caucus blog also covers — or attempts to — the various global markets and economic foreign policy issues facing leaders of nations in attendance at this session of the UN General Assembly. Among the topics high on the Economic Foreign Policy agenda are:

Economic Imbalances resulting from the Global financial crisis
Agreeing on a global framework for financial regulatory reforms
Threat of Economic Nationalism (Protectionism) among nations
Globalization and the Doha Round of WTO talks
Coordinating Cap & Trade climate change policy
The threat of a severe period of global inflation
Framework for global labor standards

President Obama called on big developing powerhouses like India and China to commit to “strong measures” to combat climate change around the world, saying that rich countries which have contributed to much of the world’s global warming cannot fix the problem alone.

“Yes, the developed nations that caused much of the damage to our climate over the last century still have a responsibility to lead,” Mr. Obama said, speaking before a United Nations summit on climate change that is being held on the outskirts of the opening of the General Assembly. “And we will continue to do so — by investing in renewable energy, promoting greater efficiency, and slashing our emissions to reach the targets we set for 2020 and our long term goal for 2050.” But then, without specifically naming them, Mr. Obama shifted the onus on to India and China. “Those rapidly growing developing nations that will produce nearly all the growth in global carbon emissions in the decades ahead must do their part as well,” he said. “They need to commit to strong measures at home and agree to stand behind those commitments just as the developed nations must stand behind their own. We cannot meet this challenge unless all the largest emitters of greenhouse gas pollution act together. There is no other way.”

As he spoke, Chinese Premier Hu Jintao sat in the front row with his delegation, listening. Mr. Obama, speaking in the cavernous hall at the United Nations, was the headline speaker in a disparate program put together by U.N. Secretary General Ban Ki Moon, which spanned . . .