Word: protectionists
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...WORLD ORDER, THE TENSION BETWEEN LIBeral and protectionist trade policies will matter as much as the struggle between capitalism and communism during the cold war. That's why GATT is an acronym worth understanding and a process worth rescuing...
...sales abroad, money that then finds its way into the cash registers of grocery and shoe stores and insurance agencies in the communities where the workers live. Corn growers bring more than $6 billion of cash into the country, scientific-instrument makers more than $12 billion. Contrary to the protectionist shibboleths, imports benefit the country as well: from cars to vcrs, the American consumer saves money because of cheaper products shipped from overseas...
Perhaps so. But it's hard for citizens in the industrialized U.S. -- which is relatively self-sufficient and historically prone to protectionist impulses -- to get a grip on GATT, let alone get very alarmed about its potential failure. Successive rounds of negotiations, diligently conducted since 1947, have pushed down tariffs from 40% to 4% in member countries. Still, people find it difficult to connect the statistical aggregates of GATT-speak with their lives and wallets...
Moreover, many experts predict that a collapse of the Uruguay Round would shove the world economy into a protectionist spiral, leading to serious political frictions between the U.S. and its major trading partners reminiscent of the Great Depression. "With the collapse of communism," says a White House official, "we're finding that our relations with countries around the world are focused more on economics and that the irritation points are economic too." If these irritations accumulate, huge regional trading blocs under construction in Europe and the Americas could be joined by one in Asia, all of them bristling with trade...
Those who bash Japan are running down America. Their hand wringing and defeatist attitude assumes that the United States is a pitiful, helpless giant that can only survive behind new trade barriers. The path to prosperity in the next century lies not in building protectionist walls for ourselves but in breaching those erected by others...