The authors then review the microeconomic explanations for sudden trade deficit growth, identify industry characteristics included in the study, and specify the model to be tested. The first two chapters establish the parameters and theoretical background for the study. American and foreign public policy makers, as well as trade and industrial organization scholars, will find this volume to be enlightening and provocative reading. Their conclusions on the actual culprits offer a sobering reassessment of current and proposed trade policies. management, and other microeconomic factors. The authors' unique empirical analysis of industry specific trade flows using numerous explanatory variables provides a vigorous test of the view that deficit growth is primarily due to unfair foreign trade practices, overzealous antitrust laws, slack U.S. International Competitiveness challenges the common assertions concerning causes of America's growing trade deficit.
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