Word: protectionist
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...nearly all of his $20 million war chest, Gramm found himself outflanked by Pat Buchanan in a Louisiana caucus that he had expected win easily before finishing a disappointing fifth in Iowa. Although Gramm in bowing out refrained from endorsing a GOP candidate, he promised to work against the protectionist stance of his nemesis Buchanan, whose unexpectedly strong campaign has siphoned off a number of potential Gramm supporters.The SpoilsMANCHESTER, NEW HAMPSHIRE: As Phil Gramm left the race, the remaining candidates rushed in to lay claim to the senator's supporters -- and his fundraising machine. Pat Buchanan, who expects to benefit...
...culmination of a back-door deal between the U.S. and Europe, former Italian trade minister Renato Ruggiero today was appointed head of the new World Trade Organization. The U.S. initially opposed Ruggiero's appointment, contending he was a European protectionist. But the Clinton Administration this week struck a deal with other WTO members to let Ruggiero have just one four-year term at the helm with former South Korean trade minister Kim Chul-su as his deputy. Ruggiero had his own explanation for being a one-termer: "I'm 65 and I feel very well, but I don't want...
...true that since NAFTA passed, U.S. imports from Mexico have grown from $7 billion to $40 billion, but at the same time our exports to Mexico grew from $8 billion to $42 billion. (Mexico's world-wide trade deficit is currently around $30 billion.) Mexico had large protectionist barriers before NAFTA, the removal of which has caused this growth in exports. The Commerce Department has credited NAFTA with creating 130,000 new jobs in the third quarter of 1994 alone. In addition, American consumers are now being provided with cheaper goods from Mexico...
...should also be glad NAFTA has forced Mexico to face certain global economic realities. The expensive peso was unrealistic, but could be kept high under a protectionist economic policy...
...Chiapas, Mexico's poorest region, is also farthest from the U.S. and the balming effect of trade. The unrest of Mexican peasants is undeniably a reminder that free trade's overall benefits entail real costs, but it's equally a reminder that the alternative is worse. In a thoroughly protectionist world, all of Mexico might today look rather like a giant Chiapas...