U.S. Trade Policy and Global Growth: New Directions in the International Economy

U.S. Trade Policy and Global Growth: New Directions in the International Economy

U.S. Trade Policy and Global Growth: New Directions in the International Economy

U.S. Trade Policy and Global Growth: New Directions in the International Economy

Synopsis

This collection of essays offers critical perspectives on current issues in the international economy. Divided into four parts, U.S. Trade Policy and Global Growth discusses managed trade and international interdependence, the effect of trade on domestic wages and employment, the costs and benefits of trade protection, and likely effects of NAFTA. The collection also addresses the U.S. trade deficit and presents a Keynesian proposal for international monetary reform. Part IV focuses on issues facing developing countries in the areas of trade, industrial, and financial policy. Rejecting the dogma that pure free-market policies should be accepted as articles of religious faith, in either international trade or domestic policy, the contributors search for trade and macro policies that can achieve balanced growth with high employment and an equitable distribution of income in both the United States and the rest of the world.

Excerpt

This volume brings together a collection of essays offering critical perspectives on current issues in the international economy. While the primary emphasis is on issues of relevance to American trade policy, attention is also given to global macroeconomic issues and to trade and financial policies for the developing countries. Four chapters (chapters 1, 4, 6, and 9) include material previously published by the Economic Policy Institute (EPI) as separate studies; all of these were revised and updated to a greater or lesser extent for inclusion in this book. the other five chapters were newly written for this volume, although most of them reflect research in which their authors have been engaged for some time. Like all epi publications, this book is intended to be accessible to anyone who is interested in economic policy issues, not just academic specialists.

The authors of the chapters in this book are a diverse group in both interests and inclinations. the authors differ in the degrees to which they would let market forces operate or endorse selective government interventions in particular areas of international trade and finance--and even in the degrees to which they believe that exchange rate adjustment can solve macroeconomic trade imbalances. While all the authors have responded to suggestions from the editor, no effort has been made to enforce a uniform policy perspective. Each author is responsible only for the views expressed in his or her own chapter or chapters-- and the editor takes sole responsibility for the views expressed in this preface.

Nevertheless, in spite of the diversity of views represented here, some important common themes emerge. All the authors reject the dogma that pure free market policies should be accepted as articles of religious faith, either in the trade arena or internally. All of them are united in a search for trade and macroeconomic policies that can achieve balanced growth with high employment and an equitable distribution of income both in the United States and in the rest of the world.

This book is being completed at a time when free trade policies are clearly in ascendance globally, at least in rhetoric if not always in reality. Following the consolidation of the European Union into a single market area with harmonized standards, the United States and other nations have been rushing into everbroader and more all-encompassing agreements to reduce barriers to international trade and protect the rights of international investors. the year 1994 began with the implementation of the North American Free Trade Agreement (NAFTA) with Canada and Mexico and ended with U.S. congressional approval . . .

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