White discussed the benefits and costs of harmonizing the different national standards for accounting. The principal advantages, in his view, would be lower costs for international firms and easier integration of capital markets for investment. The disadvantages would include elimination of positive adaptations to local circumstances and reduced ability to learn from alternative systems. Looking to the upcoming negotiations, White recommended that top priority be given to abolishing domestic regulations that do not significantly protect consumers, such as restrictions on advertising, use of brand names, and eligibility for ownership. It is definitely worth pursuing vigorously.
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But the United States has never been a monoethnic nation. The spirit of welcoming immigrants while affirming American principles was set early on, and this country has attracted immigrants more than any other. It is my thesis that the minority groups of 1999 resemble in many important ways the major immigrant groups of 1900. The African-Americans of 1999 resemble the Irish immigrants of 1900. The Hispanics or Latinos of 1999 resemble the Italian immigrants of 1900.