Robert Hormats

Booming cities, and the provinces and states in which they are located, are driving forces in economic growth today. Consequently, they constitute the new frontier in America's international economic policy.

Learning from the American experience, governments around the world have developed national innovation policies and programs to accelerate their economic prosperity and to help their citizens and companies compete globally.

Finding a 'sacrificial lamb' on whom to tag blame for complicated problems is an important instrument in the toolkit of politicians, because it deflects blame for the nation's economic woes away from their own regulatory lapses, economic mismanagement and coddling to labor unions.

Well, there's no question that the law passed in 1996 was flawed. It deregulated the wholesale market, meaning the price that the utilities had to pay energy companies for power, but not the retail market.