Word: bergsten
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...policy, protectionist lobbyists are always on hand to reel off doleful statistics of plants closed and jobs lost because of competition from imports. At last free traders are acquiring some figures to throw back. In a study to be published shortly by the American Importers Association, Economist C. Fred Bergsten, a former aide to Henry Kissinger, adds up the bill that the U.S. consumer is paying for protectionism. His estimate: tariffs, quotas and other devices raise American living costs by $10 billion to $15 billion a year...
...most direct cost comes from tariffs, but it is relatively minor-about $2 billion a year added to the price of imported merchandise. Much more inflationary, Bergsten finds, are the quotas that the U.S. imposes on a lengthening list of products: oil, steel, meat, sugar, textiles. Such quotas now apply to products that make up 15% to 20% of the consumer price index. They hurt consumers by forcing them to buy more expensive U.S. goods and encouraging American manufacturers to raise prices more than they would dare if they were faced with unrestricted foreign competition...
...being made at the Smithsonian Institution in Washington, another conference was held at the Brookings Institution, half a mile away. There a group of twelve top economists -including Britain's Sir Alec Cairncross, Japan's Saburo Okita, and the U.S.'s Richard Cooper and C. Fred Bergsten-drafted a plan for a world monetary system that would accomplish precisely the goal that the Group of Ten rich nations agree is necessary but have done little to achieve. Central to the proposal is the creation of more IMF-managed reserves to replace gradually the dollars and gold bullion...
...LINDA J. BERGSTEN...