Xenophobia’s Threat to Prosperity

In the wake of the abortive acquisition of terminal operations at US ports by Dubai Ports World, Congress is considering more than thirty proposals to tighten the rules governing foreign investment in the US. Some of these proposals, writes Charles Prince, CEO of Citigroup, Inc., would spell disaster for the US economy – choking off the foreign investment that now fuels American economic growth and employs many American workers, and inspiring foreign countries to close their own markets to American investment. Prince contends that national security is compatible with international prosperity. In an era when it’s increasingly difficult to separate “foreign” and “domestic” business, lawmakers must act on legitimate fears and not simple xenophobia. Congress needs to envision a US future in the global marketplace that looks beyond the November elections and resist sacrificing prosperous economics for cheap politics. – YaleGlobal