Tuesday, September 25, 2012

Romney's Plan For Foreign Aid: Shift Towards The Private Sector

With the presidential election just around the corner, candidates Mitt Romney and Barack Obama are making their final campaign pushes. Josh Rogin recently published an interesting article detailing Mitt Romney's proposal for foreign aid.

At the Clinton Global Initiative, Mitt Romney issued his most thorough plan regarding foreign aid. Romney pledged to alter the focus of foreign aid from the public sector to the private sector.

Romney believes this shift will ultimately reduce corruption and promote a more efficient system. "For American foreign aid to become more effective, it must embrace the power of partnerships, access the transformative nature of free enterprise, and leverage the abundant resources that can come from the private sector."

If elected, Romney plans to use "Prosperity Pacts" which would allow the U.S. government and the private sector to work together. In an effort to reduce trade barriers in developing nations, the U.S. would send aid packages that concentrate on "developing the institutions of liberty, the rule of law, and property rights."

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