Cover image for U.S. trade policy : history, theory, and the WTO
U.S. trade policy : history, theory, and the WTO
Lovett, William Anthony.
Personal Author:
Publication Information:
Armonk, N.Y. : M. E. Sharpe, [1999]

Physical Description:
xi, 228 pages ; 23 cm
Reading Level:
1450 Lexile.
Corporate Subject:

Format :


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HF1455 .L66 1999 Adult Non-Fiction Central Closed Stacks

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A critical review of recent U.S. trade policies that have failed to enforce sufficient reciprocity and overall trade balance, with suggestions for policies that foster a more balanced and realistic pattern of world trade growth.

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Academicians Lovett, Eckes, and Brinkman examine US trade policy, beginning with an interesting history of US trade policy since Colonial days. Additionally, chapters on free trade theories from Adam Smith to contemporary economists make the case for a reappraisal of trade policy to take account of the US's long-term national interests. In light of these historical and theoretical discussions, the authors offer their interpretation of US trade policy since the end of WW II. They conclude that the US has made too many concessions in pursuit of international free trade, which in recent years has allowed trading partners to increase per capita incomes while US real wages failed to keep up with inflation. The US's failure to insist on reciprocity in trade agreements has resulted in massive trade deficits, and now it is the world's largest debtor nation. The authors argue for a new reciprocity-based trade policy and efforts to ensure the US a better share of the benefits of the expanding global economy. They further advise that, if this results in unresolvable conflicts with the rigid policies of the World Trade Organization, the US should be prepared to withdraw. This provocative work is recommended for faculty and students, upper-division undergraduate and up. G. T. Potter; emeritus, Ramapo College of New Jersey

Table of Contents

Prefacep. ix
1 William A. Lovett Introductionp. 3
Tables 1.1-1.6p. 13
2 Alfred E. Eckes Jr. U.S. Trade Historyp. 51
3 Richard L. Brinkman Freer Trade: Static Comparative Advantagep. 106
4 Richard L. Brinkman Dynamic Comparative Advantagep. 121
5 William A. Lovett Rebalancing U.S. Tradep. 136
Notes and Referencesp. 183
Indexp. 219
About the Authorsp. 227