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The period between the close of the Kennedy Round and the opening
of the Uruguay Round replaced a decade of fast growth in world
output and trade - and of prevailing harmony in trade relations
across the Atlantic - with twenty years of currency and trade
turmoil and strains between the US and the EC. Giuseppe La Barca
provides a comprehensive account of these trade developments and
the measures adopted by the US and the EC to cope with them; in
doing so, he draws a wider picture of international trade
policy-making during the period. The aftermath of the Kennedy Round
witnessed the undoing of the Bretton Woods regime, but the
consequent overheating of the world economy resulted in an
acceleration of international trade while settlement in the
currency area contributed to the launching of the Tokyo Round
negotiations. The first oil shock heralded an unprecedented slump
along with a jump in unemployment and inflation rates. The Tokyo
Round resulted only in a first step in eliminating non-tariff
barriers, leaving contentious issues between the two transatlantic
trading partners unsettled. The second oil shock led to growing
calls for protectionism and unilateralism particularly in the US,
and the Reagan administration pressed for the launch of the Uruguay
Round only partially supported by the EC. Providing an in-depth
analysis of trade developments involving the two most important
economic actors, and placing these developments in a multilateral,
international context, this book offers new insights to scholars of
economic history and international political economy.
The 1970s marked the end of the years in which the United States
was the guarantor of a free world trade order, while Western Europe
made efforts to catch up with the economic superpower. In this
book, Dr La Barca explains how the trade environment and trade
policies in the United States and in the European Community during
the 1970s were more complex than frequently acknowledged. In
particular, he examines the promotion of greater governmental
protection of national industries and the relationship between such
tendencies and the negotiations aimed at reducing trade barriers.
This analysis shows how the United States and the European
Community agreed to pursue their protectionist practices, thereby
creating a barrier to serious efforts to enable free trade.
Under the Reagan presidency, the United States saw a period of
strong economic growth. Analyzing the evolution of US foreign trade
and its impact on the economy under the Reagan administration,
Giuseppe La Barca shows how their economic achievements came about
in part through well-exploited luck and reaffirmation of the
supremacy of US economic interests. In stimulating its economy by
consuming more than it produced, the US caused a growing trade
deficit, appreciation of the dollar and an inflow of foreign
capital that attracted prolonged differential interest rates.
Offering a critical analysis of the evolution of US foreign trade
and its impact on the national economy during the 1980s, this book
shows how domestic and international economic policies shaped one
another, and the impact they had in an increasingly globalizing
world.
The 1970s marked the end of the years in which the United States
was the guarantor of a free world trade order, while Western Europe
made efforts to catch up with the economic superpower. In this
book, Dr La Barca explains how the trade environment and trade
policies in the United States and in the European Community during
the 1970s were more complex than frequently acknowledged. In
particular, he examines the promotion of greater governmental
protection of national industries and the relationship between such
tendencies and the negotiations aimed at reducing trade barriers.
This analysis shows how the United States and the European
Community agreed to pursue their protectionist practices, thereby
creating a barrier to serious efforts to enable free trade.
The period between the close of the Kennedy Round and the opening
of the Uruguay Round replaced a decade of fast growth in world
output and trade - and of prevailing harmony in trade relations
across the Atlantic - with twenty years of currency and trade
turmoil and strains between the US and the EC. Giuseppe La Barca
provides a comprehensive account of these trade developments and
the measures adopted by the US and the EC to cope with them; in
doing so, he draws a wider picture of international trade
policy-making during the period. The aftermath of the Kennedy Round
witnessed the undoing of the Bretton Woods regime, but the
consequent overheating of the world economy resulted in an
acceleration of international trade while settlement in the
currency area contributed to the launching of the Tokyo Round
negotiations. The first oil shock heralded an unprecedented slump
along with a jump in unemployment and inflation rates. The Tokyo
Round resulted only in a first step in eliminating non-tariff
barriers, leaving contentious issues between the two transatlantic
trading partners unsettled. The second oil shock led to growing
calls for protectionism and unilateralism particularly in the US,
and the Reagan administration pressed for the launch of the Uruguay
Round only partially supported by the EC. Providing an in-depth
analysis of trade developments involving the two most important
economic actors, and placing these developments in a multilateral,
international context, this book offers new insights to scholars of
economic history and international political economy.
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