No zero-sum game in growth: Summers
NEW YORK - Larry Summers, the former director of the White House National Economic Council for President Barack Obama, cautioned against protectionism and said nations must move "past the idea that the prosperity of one country is a threat to the prosperity of others".
He pointed out that Asia's growth can be a great opportunity for a US economic revival.
"It is true that a major threat to Pepsi's superiority, in Pepsi's position, is the success of the Coca-Cola Company. It is true that a threat to the American automobile industry has been the success of the Japanese automobile industry. It is not true that the prosperity and growth of one country has a major deleterious effect on the growth of another," Summers said at an Asia Society meeting in New York on Wednesday.
