Word: reich
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...Reich's latest book, The Work of Nations, published last year, was particularly influential on Clinton and other Democrats who wanted not only to divide the economic pie more equitably but also to get the pie growing again. In a reversal from his earlier writings, which favored federal aid to emerging industries, Reich now writes that in the new global economy -- where capital, factories and technology move freely across international borders -- it makes little sense for Washington to aid particular industries or to shower tax breaks on wealthy investors. Businesses only take their government favors and use them in countries...
Clinton's election to the presidency offers Reich the biggest stage yet on which to audition both his ideas and his clever showmanship. The President- elect last week summoned Reich from Cambridge, Massachusetts, to Little Rock, Arkansas, to lead the transition team that will help him choose his economic personnel, organization and policies. In an interview Reich insisted that it would be "wrong to presume" that he would have any position in the new Administration. But other Clinton advisers fully expect that the new President will want Reich -- probably as domestic-policy adviser or head of a new Economic Security...
Clinton and Reich met on an ocean liner in 1968, when they were on their way to study at Oxford University as Rhodes scholars. They grew closer after Reich, miserably seasick, opened his stateroom door to find Clinton standing there with chicken soup and crackers, determined to nurse him back to health. Ever since, the two, along with mutual friends from Oxford, have participated in an on-and-off, two-decade "conversation" about how America and its economy should be governed. "Bill has had all of my books inflicted on him," Reich says, "and has done me the honor...
...this new global economy, Reich writes, it matters little whether a company is based in London or Los Angeles. A Honda built in Ohio may have more "domestic content" than an Oldsmobile. The only policy that will benefit all Americans, Reich writes, is for Washington to "invest" in the two assets that won't leave the country: "human capital," such as education and job training; and physical infrastructure, from roads and bridges to high-speed railroads and fiber-optic communications. Such public investments, Reich argues, will encourage both U.S. and foreign firms to create jobs in America. How would Reich...
...course, to anyone who heard even a snatch of a Clinton campaign speech. While other economic advisers, particularly Robert Shapiro of the Progressive Policy Institute and corporate consultant Ira Magaziner, contributed heavily to the lyrics of the Clinton economic plan, most agree that the music came straight from Reich. Says John Isaacson, founder of an executive-search firm in Boston, and a friend of both Clinton's and Reich's: "The Work of Nations provided a conceptual framework for the whole campaign." Gene Sperling, economic-issues director for the campaign (and a former research assistant for Reich), goes further...