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The Promise of the U.S. Mideast Plan
(Wall Street Journal) Glenn Hubbard - The U.S. Peace to Prosperity plan for the West Bank and Gaza is sensible and offers the best hope for building sustainable economies in the region. It may not be politically feasible - the Palestinian Authority boycotted the conference in Bahrain last week - but it's a promising approach to foreign aid. The plan is based on two important economic observations. First, private business, not charity, is what drives prosperity. Second, Palestinian businesses need access to capital. The plan thus focuses on reforming business practices and building basic infrastructure. The writer, a professor of economics and dean emeritus at Columbia Business School, was Chairman of the Council of Economic Advisers under President George W. Bush.