International Trade and Economic Instability
Keywords:Global Economic Crisis, Political Economy
AbstractIn the last few years, the United States has developed a foreign-trade deficit of unprecedented magnitude, and, closely associated with the trade deficit, has become a huge international debtor. In Washington and on Wall Street, these developments are viewed as serious problems, representing both long-term weakness and current instability in the U.S. economy. Moreover, these international economic problems have presented workers in some industries with serious difficulties, as production has been replaced by imports and many people have lost their jobs. Even where jobs have not been lost, wages have been eroded by the ominous threat of "international competition. "
This article can also be found at the Monthly Review website, where most recent articles are published in full.
Click here to purchase a PDF version of this article at the Monthly Review website.
Please see here for reprint requests.