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are the world's sole superpower and its dominant nation Integrating the Western Hemisphere economically. One of our duties is to provide judicious and David has not only pursued his goals globally, but has sought to consistent leadership that is firmly embedded in our national establish economic interdependence at the regional level. Most of values and ideals.* his efforts in that regard have been devoted to the economic and political integration of the Americas, or the Western Hemisphere. Although crucial, US leadership has not been the only compo- To achieve this, in 1965 David created a business lobby group, nent of David's vision; undermining national sovereignty through the Council for Latin America, now known as the Council of the economic integration has been of equal importance. As the only Americas (COA). The Council's purpose, David explained in a trained economist of his generation of Rockefellers, having been — Foreign Affairs article in 1966, was to "stimulate and support eco- taught by the leading free trade and free market theorists of the nomic integration". But in supporting this objective, David's ulti- 1930s and 1940s, David has long been aware that the power of mate aim was to lock the entire region into a neo-liberal policy national governments can best be undermined by steadily reduc- matrix, making it more attractive to MNCs. Without integration, ing their control over economic matters. In fact, he has always David argued, "there is inefficient division of markets and costly regarded government regulation as an obstacle to prosperity and duplications of effort"; only through "closer cooperation" could often argued for the need to "prune the forest of rules and let the the Latin American nations "make the best of their own resources economy grow".* But in advocating the lifting of restrictions on and provide the broadest appeal to foreign investment" .* business, whether through deregulation or free trade, David has Nearly 30 years on, the Council remains committed to these always recognised that this will erode national autonomy. goals, describing its purpose as "promoting regional economic For example, in a lecture he gave in Manchester, UK, in 1975, integration, free trade, open markets and investment, and the rule David singled out multinational corporations (MNCs) as one of of law throughout the Western Hemisphere". It is an agenda that the other main drivers of this process, describing them as "the the COA expects will eventually deliver "the economic growth most important instruments in the unprecedented expansion that and prosperity on which the business interests of its members has taken place in world trade". The purpose of his lecture, how- depend".* This approach should not be surprising, for David has ever, was to defend MNCs from the "new demonology" emanat- long objected to the "faulty economic model" of government reg- ing from the Third World—dominated ulation, subsidies and protectionism UN General Assembly, primarily in that most Latin American countries the form of the so-called New Pt adopted in the 1960s.” International Economic Order and Another feature of David S in 1964, David publicly Lima Declarations. These declara- push for global economic complained about the growing tions aimed to reorder the world . . . popularity of "coldly anti-capitalist" economy by subjecting MNCs to integration has been his sentiments in the region, blaming a global regulations, relieving Third contention that breaking down "relentless campaign" by "Soviet, World debts and changing interna- . Castro and Chinese Communist tional trade rules to favour develop- the barriers to trade and agents". He maintained that this ing countries. Finding this agenda investment was essential "Communist propaganda" had objectionable, David accused the convinced many Latin American "revolutionary left" and "radical to world order. politicians to impose laws aimed at politicians" of "calling most persis- "curtailing or expelling foreign tently for punitive taxes and crippling investors". Claiming to be regulation of multinationals".”” "genuinely distressed" at the "feeble It was in his concluding prescription that David Rockefeller response" of US corporations, David insisted on a strategy to made it clear how crucial MNCs are to his goal of an integrated "combat the Communist propaganda", warning his fellow global economy: American businessmen that, if they failed to act, "we stand in We should be doing all in our power to lift the siege that is grave danger of losing our investments, our markets" .* taking shape around our beleaguered multinational compa - In Memoirs, David casually boasts of his role in reversing this nies. They still have much work to do in helping to create a trend as the founder and Chairman of his other philanthropic true world economy. We must let them get on with this organisation, ostensibly dedicated to Latin American cultural unfinished business.*' affairs: the Americas Society. In 1983, the Society's Latin American Advisory Council, set up by David, agreed on the need Another feature of David's push for global economic integration to find a solution to the devastating debt crisis then afflicting most has been his contention that breaking down the barriers to trade of Latin America—a crisis David's bank had a direct role in and investment was essential to world order. Arguing the case for _ instigating. David then tasked the Institute for International foreign investment in 1969, David suggested that if Western Economics (of which he was a board member) to research the businesses were to expand the reach of "modern technical society" issue and propose a solution. The result was the influential ITE to encompass the Third World, this would "do more than study, Toward Renewed Economic Growth in Latin America anything...to restore and strengthen the hope in the idea of (1986), which advocated "lowering trade barriers, opening international cooperation".” investment to foreigners, and privatising state-run and -controlled "In a world of growing interdependence," David told British enterprises”. writer Anthony Sampson in the 1970s, "the last thing we want is These prescriptions are now known, quite aptly, as the protection."** Indeed, the "expansion of trade" and the "Washington Consensus", seeing it was the Washington based and "emergence of a genuine world economy", David declared at controlled IMF that imposed these policies on the region, Manchester in 1975, were "our best prospects for maintaining reportedly to devastating effect.” peace among nations". With most of Latin America finally moving toward free trade are the world's sole superpower and its dominant nation economically. One of our duties is to provide judicious and consistent leadership that is firmly embedded in our national values and ideals.* push for global economic integration has been his contention that breaking down the barriers to trade and Another feature of David's push for global economic integration has been his contention that breaking down the barriers to trade and investment was essential to world order. Arguing the case for foreign investment in 1969, David suggested that if Western businesses were to expand the reach of "modern technical society" to encompass the Third World, this would "do more than anything...to restore and strengthen the hope in the idea of international cooperation".” "In a world of growing interdependence," David told British writer Anthony Sampson in the 1970s, "the last thing we want is protection."** Indeed, the "expansion of trade" and the "emergence of a genuine world economy", David declared at Manchester in 1975, were "our best prospects for maintaining peace among nations". 26 = NEXUS Another feature of David's investment was essential to world order. www.nexusmagazi ne.com OCTOBER — NOVEMBER 2003