Word: protectionists
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...with their predecessors are not only political but generational as well. George Bush and his closest advisers were raised in the Great Depression and seared by World War II, and they blamed both calamities in large part on what Bush called "those Smoot-Hawley days" -- a reference to the protectionist 1930 U.S. tariff that crippled the world trading system. Under Bush, says one of his former economic advisers, "the Europeans and Japanese knew that if they held out long enough, we wouldn't retaliate in any serious way, out of fear that we might trigger another escalation of trade barriers...
Since the 12 Community nations agreed in 1986 to form a more perfect union, governments have swept away thousands of protectionist laws and regulations. Anticipating cross-border competition, industries initiated a frenzy of mergers and reorganizations, investing billions of dollars and creating an estimated 1.5 million new jobs. Fearful of being left out, U.S. and Japanese companies scrambled to set up European subsidiaries before the deadline. The prize: an integrated market of 360 million consumers in an area with a combined gross national product of $6.5 trillion -- the world's largest single trading bloc...
...HIGH SEAS OF TRANSATLANTIC COMMERCE, it was the equivalent of a shot across the bow. U.S. Trade Representative Mickey Kantor threatened to stop the purchase of telecommunications, transportation and power equipment manufactured in the European Community, thus signaling that the Clinton Administration means business about dismantling protectionist trade barriers. The stern new measure is aimed at the E.C.'s "buy Europe" policy, which allows government agencies to award lucrative contracts to other E.C. members even when underbid by foreign firms. Unless a compromise is reached before March 22, $45 million in annual purchases will be terminated. Kantor's motivation...
...hold on. Like a high-tech phoenix, the U.S. semiconductor industry appears to be rising again. Rejuvenated by innovative product lines, protectionist trade policies and state-of-the-art manufacturing, chipmakers are staging a stunning comeback. Such Japanese firms as NEC and Toshiba are still on top, with a 45% share of the $60 billion worldwide chip market. But their grip is slipping, while American companies are closing the gap and may be on the verge of retaking the lead. The U.S. share has surged to 42% this year, up from the 1989 low of 37%. Inspired by the revival...
Progressive Conservatives. This faction admires the hard right's faith in values but has little use for its protectionist leanings on economics and trade. The progressives also feel that where the free market fails, government should offer disadvantaged Americans a hand with jobs, education and health care -- as long as that aid takes the form of antibureaucratic incentives like tax breaks and vouchers. Their leading apostle is Secretary of Housing and Urban Development Jack Kemp, who has spent the past four years trying to reach out to African Americans and other minorities with sermons about enterprise zones, ownership and management...