Word: exportation
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...agreements, knock down tariffs, knock down barriers, create a world environment of free, fair trade rather than protectionism, and if you travel the road that Bill Clinton wants to travel, it will be much more of a protectionist road that will cost us jobs; small businesses will be denied export opportunities, jobs will be lost, and our country will suffer...
...which began as a fierce and proudly insular music of the American black underclass, is now possibly the most successful American export this side of the microchip, permeating, virtually dominating, worldwide youth culture. It is both a recreational vehicle and a form of social commentary: you can dance to it (one Mexican rap hit has a salsa kick) and think it over too (a German piece rails against neo-Nazi goons and a complacent, fat-cat government). The language may differ from place to place, even when it's English, but the music is everywhere...
Then there's the arms-for-export approach: If the U.S. can't afford any more high-tech weapons, find some Third World potentate who can. Saudi Arabia gets its F-15s; Taiwan gets F-16s (in violation, incidentally, of a 1982 agreement signed with China). Why not atom bombs for Ciskei? Cruise missiles for Serbia? Lofty moral objections aside, one problem with the export approach is that it puts the U.S. government in the unseemly position of pimping for the military- industrial complex -- using taxpayers' money, for example, to set up arms fairs abroad. The other problem is that...
Until earlier this year, the U.S. seemed to be headed for a more normal rebound, thanks to the brisk tempo of export sales. But then the economy began to suffer from yet another new development: America's growing linkages to the global economy, which has gone into a slump. The world's economy didn't grow at all last year, and is expected to expand only 1.1% this year. The currency crisis that swept Europe last week was a profound symptom of the West's stagnation. Germany's relatively high interest rates, run up by the cost of rapid unification...
...major effect of Germany's high rates is the damper they put on America's primary export markets. In the second quarter of this year, the U.S. trade deficit zoomed to $17.8 billion, up from $5.9 billion in the previous quarter. "That cut the second-quarter growth rate for the country in half. That's how dependent we are on the global economy," says C. Fred Bergsten, director of the Institute for International Economics. Just as in the U.S., the outlook in Europe and Japan is for a drawn-out recovery...