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Article

24 Jan 2007

Author:
[commentary] Jeffrey Garten, professor of intl. trade & finance at Yale School of Management, in Financial Times

American businesses must play a leading policy role

Earlier this week, a broad business coalition that includes General Electric, Alcoa and Lehman Brothers opened a campaign for mandatory caps on greenhouse gas emissions, something the Bush administration has refused to establish... Could this be the start of a shift in how corporate America deals with the huge public policy challenges facing the nation?... [A]ny shift in the way business calculates its interests today will not be based on sentimentality or new-found enthusiasm for public service. That is good, however, for it means that any efforts by companies are likely to rest on a strong foundation of self-interest. For example, many large US companies are concerned that, without tough regulations relating to pollution and a viable platform for carbon trading, they will be at a competitive disadvantage vis a vis their foreign rivals.