Word: bhagwati
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Dates: during 1980-1989
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Fears that the U.S. has lost its competitive edge go hand in hand with the uneasy feeling that America's standing as the leader of the free world has slipped. "America is scared to death of not being No. 1 any longer," says a foreign banker in Japan. Jagdish Bhagwati, a professor of economics at Columbia University, talks of the "diminished-giant syndrome." A committed free trader, Bhagwati warns that the impulse of declining empires is to throw around their diluted power with such potentially self-damaging measures as trade barriers...