By Bernard K. Gordon
America's exchange Follies controversially argues that the worldwide political economic climate is hardening into local blocs, in North the United States, Latin the US, Europe and the Asia Pacific, equipped round a robust fiscal base and suspicious of one another. Bernard ok. 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 protection through dividing the globe alongside fiscal and political traces. Provocative, unique and stimulating this booklet is key examining for all these attracted to American politics, alternate and foreign political financial system.
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Additional info for America's Trade Follies: Turning Economic Leadership into Strategic Weakness
From its ﬁrst days in ofﬁce, its behavior showed that America’s trade deﬁcits, rather than the nation’s already-healthy exports, shaped the administration’s thinking. 26 America’s trade in its global context The President himself made this clear during his ﬁrst formal press conference, on 24 March, 1993. ” When he spoke about trade, Japan was his entire focus – but not the Japan that continues as America’s largest overseas market. US sales to Japan were almost $50 billion the year Mr Clinton spoke, and became much higher in the immediately-following years.
Germany, for at least three reasons, had a greater “need” for the EC than did France. First, as Europe’s largest industrial producer, with workers in manufacturing and related ﬁelds making up a very high proportion of its labor force, the German economy sorely wanted the EC’s single market. 17 Second, as the CAP process itself reﬂected, if Germany were to get the industrial prize the single market represented, it had to protect its farmers – and therefore Germany needed to contend with the disproportionately strong domestic political pressures they represented.
China Canada Germany 1993 1999 $23 billion $11 billion $10 billion $69 billion $32 billion $28 billion Moreover, while the US had trade surpluses with both the EU and Mexico at the beginning of the 1990s, both markets soon turned into large trade deﬁcits. By 1999, the deﬁcit with the EU was $43 billion, and with Mexico it was $23 billion. The deﬁcit experience with Japan was quite different. Over the next six years it went both up and down; indeed in 1997 it was actually lower than in 1993. 10 shows, its rate of growth was the smallest of all.