Barney Frank: “I believe the most important issue, the single most important issue facing our country today and other countries in the…”

“I believe the most important issue, the single most important issue facing our country today and other countries in the world is how we deal with the globalization of the economy. That is a fact. It is a fact spurred by technological change and other matters beyond anyone's control. I do not believe it is reasonable to talk about stopping globalization because that is not an option we have, but we do have a choice to make as to how we will go forward, and there are at least two competing models. One is the argument that says all we need do is let capital find its highest level, let the owners of capital invest wherever in the world they think they can get the best return, urge every government to facilitate that process by making themselves as attractive as they can be to capital, and the result will be that most people will be better off. Domestically, we call that the trickle-down theory because what it says is, do not worry about negative effects on income distribution.”