By Bernard K. Gordon
America's exchange Follies controversially argues that the worldwide political economic climate is hardening into nearby blocs, in North the US, Latin the US, Europe and the Asia Pacific, prepared round a robust fiscal base and suspicious of one another. Bernard okay. Gordon's masterful research indicates that this department threatens American prosperity by way of restricting US entry to the world's richest and biggest markets, and endangers US safeguard through dividing the globe alongside fiscal and political traces. Provocative, unique and stimulating this booklet is key studying for all these drawn to American politics, alternate and overseas political economic system.
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Extra info for America's Trade Follies: Turning Economic Leadership into Strategic Weakness
1 Intra-EC imports, as percentage of total EC imports, 1968–97. imports rose from 46 percent to 64 percent. That level has declined some in recent years, but is likely to stay in the same, roughly 60 percent, range in the future. 25 The illustration, because it shows that two-thirds of the world’s largest single market is effectively dominated by internal EU suppliers, demonstrates very clearly the concerns of the “Fortress Europe” critics. It underlines their point that world-class industrial exporters outside of Europe – which means not only the US and Japan, but signiﬁcant newcomers Korea and Taiwan as well – must all compete for the remaining one-third of Europe’s market.
Because it was a single and seemingly easy-to-understand number, the “trade deﬁcit” was transformed into a media topic everyone could follow. The result is that while most Americans are now aware that the US runs large trade deﬁcits, little else is known about trade, and most would be very surprised to learn that their nation’s exports lead the world. That gap in understanding continues to shape opinion today, although the issue was never as simple as it was made to seem. The reason is that since the mid-1980s, America’s total trade has grown very sharply, and the total includes a sharp rise in US exports.
Notes 1 B. Eichengreen and D. A. Irwin, “Trade Blocs, Currency Blocs and the Reorientation of World Trade in the 1930s,” Journal of International Economics, 1995, Vol. 38, No. 5, pp. 1–24. America’s trade in its global context 31 2 For early descriptions of regionalism’s revival, see A. Bollard and D. Mayes, “Regionalism and the Paciﬁc Rim,” and J. ” in the Journal of Common Market Studies, June, 1992, pp. 125–41 and pp. 195–209. 3 The EEC’s original six threatened to withdraw from GATT if full compliance with Article 24 was insisted on.
America's Trade Follies: Turning Economic Leadership into Strategic Weakness by Bernard K. Gordon