Word: protectionists
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...frozen beyond the end of Phase 1 and wages are allowed to rise moderately?say, by 4%?that would distribute the net gain fairly widely. At best, there will be a good start toward building a new international monetary structure, and the U.S. will avoid touching off a protectionist trade...
...Britain's admission, the negotiations hit one final snag. The issue was New Zealand, whose English-descended dairy farmers depend heavily on United Kingdom markets for their economic survival. The New Zealanders urgently wanted guarantees that after the mother country joined the Common Market and passed behind its protectionist agricultural tariffs, their cheese and butter exports would continue to their best customer...
...opening four new stores this month and plans another nine by year's end, mostly in Japan's mushrooming suburban areas - following Mao's precept to "take small and medium cities first, take big cities later." Defying pressure from Japan's protectionist agricultural bureaucrats, who have burdened him with red tape, Nakauchi imports the cheapest foreign food that he can find: cattle and onions from Australia, oranges and grapefruit from the U.S. He has turned his retail outlets into small department stores, selling not only food but Chinese pajamas, Korean shirts and, if the price...
...moves are only a recognition of reality. The Nixon Administration last week may have been indulging in inept bluffing, but the fact that so drastic an idea as a special U.S. tariff on Japanese goods could even be discussed illustrates how dangerously monetary imbalances are fanning political bitterness and protectionist sentiment round the world. The undervaluation of the yen is now by far the greatest of those imbalances. The sooner a revaluation of the yen comes, and the bigger it is, the better...
...guidance. America, meanwhile, arose as a super power, with the result that both England and France were forced either to set their empires free or turn areas, such as Southeast Asia, over to American forces. Given this analysis, the new industrial struggle with Japan becomes clear. By means of protectionist policies Japan has rebuilt its economy to challenge American markets both domestically and in developing countries. If Japanese militarism widens, problems between these two super-powers are likely to expand beyond the present tariff war to a major clash. Unfortunately Horowitz doesn't deal sufficiently with the substance of this...