tipoverty programs, and strengthening climate change efforts. The Santiago Summit also produced the launch of negotiations for the completion of a Free Trade Area of the Americas by 2005. Juxtaposed against the 1997-1998 Asian financial crises, Latin America has been a model for making tough macroeconomic choices to reinforce sustainable economic growth. To be sure, Latin America is susceptible to the Asian contagion as the case of Brazil makes clear. However, it must be remembered that, unlike Asia, Latin economic policy fundamentals are still quite strong.
Against the backdrop of the fast track trade debate, Asian financial instability, and, now, the chaos of the Seattle WTO meetings, the critics of globalization have multiplied. One such critic, Robert Kuttner, offered this stark assessment:
Naive globalism creates a bias against the mixed economy . . . Unregulated capitalism yields monopolies, gouges consumers, fails to invest adequately in public goods, and produces socially intolerable distributions of income and wealth. . . . The global money market, not the democratic electorate, becomes the arbiter of what policies are "sound." . . . What are the proper terms of engagement between a national, democratic polity and a global economy?. . . [I]f you want to see real economic nationalism--the ugly kind that leads to Caesarism and war--watch what happens in the IMF's wake. 5
With this kind of assessment of the state of the world, Winston Lord's concern about policymakers' ability to understand and deal with the continued rise of economic issues as integral to U.S. security is quite prescient.
Each of the articles in this book begins to address different issues raised by Kuttner. Together, the articles seek to respond to those critics who want to reduce U.S. exposure to the world. Still, there was much left undone during the decade to create opportunity for all people based on an American vision of a community of twenty- first century liberal democracies. During the 1990s, the emphasis of policy development has been on restoring United States power through domestic-oriented economic policies that improved U.S. competitiveness. For the next generation, we would argue that the