Word: foreign
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Dates: during 1970-1979
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...week. But there was no way of avoiding the contrasting images. On the Mississippi, Jimmy Carter drifted downstream in an imitation 19th century steamboat, waving, dancing and playing a calliope, stepping ashore periodically to shake hands, dandle babies and try to sell his energy program. Back east his top foreign policy aides were engaged in public disputes over who was in charge of U.S. policy in the Middle East and over what that policy should be. The disputes set off dangerous waves. Leaders of black and Jewish organizations, still at odds over the resignation of Andrew Young as U.S. Ambassador...
Backstage rivalries trouble the foreign policy team
...economists to control. They cannot be held accountable for poor grain harvests, such as occurred in 1972, for the harsh winters of 1977 and 1978, or for the weather of last year that cut into harvests in the citrus belt. Government economists also argue that price gouging by foreign oil producers is exogenous. True, but only partly so. Not only did inflation in the industrial countries encourage the 13-nation OPEC cartel to quintuple its prices in 1973-74, but the accelerating U.S. price spiral provides the cartel with its only excuse for raising its prices still higher...
...specialty of international monetary policy, Dornbusch opposes the efforts of the Federal Reserve and foreign central banks to prop the dollar's value by buying up billions on the international money exchanges. His preference: let the dollar float freely until it reaches its real market value. Dornbusch takes much the same hands-off attitude toward trade: the U.S. should not protect its industries from foreign competition, and, conversely, it should insist that its trading partners reciprocate. In a free global market, Americans would be forced to face up to the fact that either the nation controls its inflation...
...made it a focal point of confrontation in the postwar era. Says History Professor Robert Dallek of U.C.L.A.: "We have to go back. Where we are now is a direct result of what evolved during that time." To his own surprise, Dallek's newly published F.D.R. and American Foreign Policy, 1932-45, has sold, instead of a few volumes to scholars as might have been expected, 10,000 copies in three months. Says the author: "It's a hot topic...