Word: protectionists
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Dates: during 1970-1979
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Foreign anger has been sharpened because Japanese Premier Takeo Fukuda has been promising for months to slash the trade surplus, yet nothing has happened. Last week something finally did. Faced with the real possibility that the U.S. and Europe would take protectionist moves to block the flow of Japanese goods into their markets, the 72-year-old Fukuda carried out a sweeping reorganization of his government to deal with what he called "the worst economic crisis in Japan's postwar history...
...been beaming that message at Japan for months. In September, Commerce Secretary Juanita Kreps visited Tokyo and warned of growing protectionist sentiment in the U.S. A few weeks later in Washington, Vice President Walter Mondale shocked a group of Japanese politicians. They interpreted Mondale's remarks as constituting a charge that Fukuda had lied when he pledged a reduction in the trade surplus...
...Administration pledge to enforce antidumping laws has momentarily lowered the protectionist fever that had been mounting in the U.S. and the rest of the industrialized world (TIME, Oct. 17). Speer, who as head of the American Iron and Steel Institute is the industry's spokesman, said he did not recommend to Carter a so-called orderly marketing agreement, under which the Administration in effect would negotiate with other countries quotas on foreign steel to be shipped into the U.S. An OMA has been much talked about as a temporary balm for steel; similar agreements already restrict imports of shoes...
...they call "organized liberty of exchange"-an Orwellian euphemism coined by French Prime Minister Raymond Barre. It means negotiated agreements limiting imports during hard times. An American variant of that idea is the "orderly marketing agreement" (OMA), which is emerging as the Carter Administration's chief response to protectionist clamor...
...that a steel OMA might stop progress in the talks, and a U.S. Treasury official adds, "If we erect another trade barrier, the whole future of free trade as we know it is in jeopardy." If the Geneva talks fail, it is easy to foresee a truly vicious circle: protectionist moves further restrict the growth of global trade, keeping expansion of the world economy slow and unemployment in industrial nations high, provoking still more protectionist fervor...