Word: foreign
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Dates: during 1960-1969
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That would be a considerable improvement over previous expectations of a surplus of $1 billion or less, but it is still no cause for rejoicing. At $1.5 billion, the surplus would fall 63% below last year's $4.1 billion level. It would give the U.S. its worst year in foreign trade since a lengthy steel strike crippled exports...
...Pull from Inflation. The current problem lies primarily in the growing U.S. appetite for foreign products. Total imports have climbed 22% this year, while exports have grown only 9%. About one-sixth, or $1 billion, of the import surge was caused by U.S. labor troubles. Copper imports, for example, doubled to $600 million during the first half of this year as a result of a 37-week miners' strike. The threat of an August steel strike brought a 59% jump in iron and steel imports. Most of the blame for increased imports, however, can be placed on the seemingly insaliable...
...impact of imports on the nation's overall balance of payments has been eased by a rise in foreign investment in the U.S. During the first seven months of the year, foreigners not only poured $1.2 billion into the U.S. stock market but also bought $1 billion more of U.S. corporate bonds than they sold. Among exports, chemicals and transportation equipment (notably jet aircraft) have increased substantially, and recently foreign orders for durable goods have picked up. The threat of a mid-December dock strike has prompted many U.S. exporters to ship early. For the longer run, Washington is counting...
...lower wage rates abroad. Yet if the U.S. substantially reduces the comparatively free access other countries enjoy to the world's largest market, it risks a prosperity-wrecking shrinkage in world trade. If the U.S. cooled its heated domestic economy enough to bring prices in line with those of foreign goods, the resulting unemployment would aggravate today's urban crisis and make U.S. companies less enticing to foreign investors...
High on the list of political priorities, according to Goodwin, are the decentralization of power and formulation of a foreign policy. He said that institutions have become more rigid, people have lost a sense of their own value, and, more than ever, people have lost their freedom of choice...