Word: prestowitz
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...could bring actions against Japan if the U.S. determines that Tokyo has failed to open its markets for everything from weather satellites to financial services. Moreover, the Administration now considers U.S. industrial competitiveness to be as essential as tanks or missiles to American security. "Trade is defense," says Clyde Prestowitz, a former U.S. trade negotiator. "We must recognize the nature of the game." George Bush, for one, seems determined to play harder...
...same time, as Trade Expert Clyde Prestowitz argues in his recent book Trading Places, the flight of budding entrepreneurs from large heavily capitalized corporations is wounding the very U.S. companies that are most capable of competing with the sprawling industrial giants of Japan. Even some leading entrepreneurs, mostly those whose brainchildren are now billion-dollar companies, say the start-up craze has gone too far. Gordon Moore, chairman and co-founder of Intel, the chipmaker based in Santa Clara, Calif. (1987 revenues: $1.9 billion), says "vulture capitalists" have lured away some of his best technicians with offers of seed money...
...rise. "There's no reason that Japan won't continue to grow," says Yale History Professor Paul Kennedy, author of The Rise and Fall of the Great Powers. "Its economic drive is pushing it toward center stage." Most experts agree. "The American century is over," says Clyde Prestowitz, a former Deputy Assistant Secretary of Commerce in the Reagan Administration and author of Trading Places: How We Allowed Japan to Take the Lead. "The big development in the latter part of the century is the emergence of Japan as a major superpower...
...Prestowitz does not suggest that the U.S. copy Japan's symbiotic relationship between government and industry. But he argues that Washington must offer limited support and protection to crucial industries. "At issue is not pure free trade or total protectionism," he writes, since "we have never had and never will have either one; but rather what combination of free and managed trade we will have." He suggests, for example, that military research and development might be redirected toward commercial applications that could lead to increased exports. Some of Prestowitz's prescriptions are vague and put too much faith in Government...
While agreeing that a better balance between consumer demand and supply in the U.S. economy is crucial, many trade experts, along with nearly all politicians, think the Government should take specific actions to reduce imports and boost exports. Clyde Prestowitz, a former trade negotiator for the Reagan Administration, suggests that the U.S. can do a better job of stimulating American sales in foreign markets. It is fine, for example, that the U.S. is now pressuring Japan to accept more beef and citrus products. But the Government could focus more attention on ensuring fair trade in high-tech industries that have...