The move to encourage trade with Canada and Mexico during the 1990s, culminating with the negotiation of the North American Free Trade Agreement (NAFTA), has had a long background extending as far back as the late eighteenth century. American trade with both Canada and Latin America rapidly increased during the last third of the nineteenth century as a result of burgeoning industry and agriculture in the United States. The Diplomacy of Trade and Investment is the first detailed examination of the economic and political forces behind this rapid growth and their effect on government policy.
Based on a thorough examination of government documents, congressional debates and reports, private papers of government and business leaders, and newspapers, David M. Pletcher begins this monumental study with a comprehensive survey of U.S. trade following the Civil War. He goes on to outline the problems of building a coherent trade policy toward Canada, Mexico, Central America, the Caribbean, and South America. The study concludes by analyzing a series of abortive trade reform efforts and examining the effects of the Spanish-American War.
Pletcher rejects the long-held belief that American business and government engaged in a deliberate, consistent drive for economic hegemony in the hemisphere during the late 1800s. Instead he finds that the American government improvised and experimented with ways to further trade expansion. But American businessmen were often more interested in domestic trade than in trade with foreign markets. In fact, many of them resisted efforts to lower the American tariff or otherwise encourage American trade abroad.
The combination of traditionalist and revisionist insight with Pletcher's own deep knowledge and research provides the reader with a comprehensive new interpretation of hemispheric trade expansion at the end of the nineteenth century.
Economists disagree on whether recent U.S. trade policies are harmful or helpful, but they all agree that there is a new trend toward focusing on results-oriented policies in specific markets and with particular trading partners. These twelve essays by leading international economists explore crucial issues in U.S. trade policy today. Topics examined include the markets for automobile and automobile parts in the United States and Japan, the U.S. response to "unfair" trading practices such as dumping, and the effects of industry- and country-specific policies. Examples include high-technology and agricultural industries and off-shore assembly in U.S. border cities.
The volume concludes that some policies can act to both protect imports and promote exports, that the threat of protectionist policies can often have effects that are as pronounced as their implementation, and that regulatory policy has as great an impact on trade and investment patterns as does trade policy itself. It will be of crucial interest to international trade economists, policy specialists, and political scientists.
Foreign Direct Investment
Edited by Kenneth A. Froot University of Chicago Press, 1993 Library of Congress HG4538.F618 1993 | Dewey Decimal 332.673
Over the past decade, foreign direct investment (FDI) around the world has nearly tripled, and with this surge have come dramatic shifts in FDI flows. In Foreign Direct Investment, distinguished economists look at changes in FDI, including historical trends, specific country experiences, developments in the semiconductor industry, and variations in international mergers and acquisitions.
Chapters cover such topics as theoretical accounts of FDI patterns, the growth of multinational enterprises, and the FDI experiences of Japan, the United States, and selected developing countries. This volume will interest economists, government officials, and business people concerned with FDI today.
Capitalism, the economic system of Western Europe and the United States at the turn of the century, had a major impact on every country of the Third World. In the Western Hemisphere, no country escaped its influence, particularly the North American version, increasingly omnipotent. Mexico, next door to the powerful colossus, often felt the brunt of that impact. The People of Sonora and Yankee Capitalists examines how the advent of North American dollars between 1882 and 1910 helped reshape the economic, social, and political contours of a Mexican province on the border of Arizona. The activity of Yankee promoters, particularly miners, land speculators, and cattle barons, altered dramatically the colonial structure left behind by its former Spanish masters. Even the psychology of the inhabitants of Sonora underwent a kind of metamorphosis. This book, in short, explains what happened to Mexico’s traditional society when Yankee capitalists made their appearance.
Interventionism—the manipulation of the internal politics of one country by another—has long been a feature of international relations. The practice shows no signs of abating, despite the recent collapse of Communism and the decline of the Cold War.
In The Political Economy of Third World Intervention, David Gibbs explores the factors that motivate intervention, especially the influence of business interests. He challenges conventional views of international relations, eschewing both the popular "realist" view that the state is influenced by diverse national interests and the "dependency" approach that stresses conflicts between industrialized countries and the Third World. Instead, Gibbs proposes a new theoretical model of "business conflict" which stresses divisions between different business interests and shows how such divisions can influence foreign policy and interventionism. Moreover, he focuses on the conflicts among the core countries, highlighting friction among private interests within these countries.
Drawing on U.S. government documents—including a wealth of newly declassified materials—he applies his new model to a detailed case study of the Congo Crisis of the 1960s. Gibbs demonstrates that the Crisis is more accurately characterized by competition among Western interests for access to the Congo's mineral wealth, than by Cold War competition, as has been previously argued.
Offering a fresh perspective for understanding the roots of any international conflict, this remarkably accessible volume will be of special interest to students of international political economy, comparative politics, and business-government relations.
"This book is an extremely important contribution to the study of international relations theory; Gibbs' treatment of the Congo case is superb. He effectively takes the "statists" to task and presents a compelling new way of analyzing external interventions in the Third World."—Michael G. Schatzberg, University of Wisconsin
"David Gibbs makes an original and important contribution to our understanding of the influence of business interests in the making of U.S. foreign policy. His business conflict model provides a synthetic theoretical framework for the analysis of business-government relations, one which yields fresh insights, overcomes inconsistencies in other approaches, and opens new ground for important research. . . . [Gibbs] provides a sophisticated analysis of the conflicts within the U.S. business community and identifies the complex ways in which they interacted with agencies within the government to form U.S. foreign policy toward the Congo. . . . This is a well-crafted analysis of a critical case of U.S. postwar intervention which should be of general interest to scholars and others concerned with the domestic bases of foreign policy."—Thomas J. Biersteker, Director, School of International Relations, University of Southern California
Gathered here are seventeen sound investment principles that will help people make sensible choices for financial security. What is surprising, however, is how applicable these principles are to life.
Sir John Templeton, founder of the Templeton Mutual Funds, shares the basic rules he has used to create the world's best-performing mutual funds. For the first time, the underlying moral or spiritual principle is also explained to investors.
Through the inspiration of this accessible book, we can see how interconnected our money is with the other choices we make in our lives. Through a consistent pattern of decision making, we can learn to judge the true value of our investments—materially and spiritually. Using these simple guidelines, we can learn to create peace and harmony in our approach to life and, at the same time, create financial security.
Once unquestionably the world's leading economic and industrial power, the United States now views with growing dismay the impressive industrial efficiency, vigorous work ethics, and large American holdings of various other nations. Is the United States truly lagging in its ability to compete effectively in world markets? Concern over this question has been voiced in both the business and government sectors, as well as by academic economists. A recent conference, sponsored by the National Bureau of Economic Research, explored the effects of trade policies on a nation's ability to compete in international markets.
In Trade Policies for International Competitiveness, Robert C. Feenstra collects seven papers from the conference, each accompanied by discussants' comments, and adds a helpful introduction. Some of the issues considered by contributors are effects of macroeconomic and strategic foreign policies on competitiveness; the recent influx of foreign direct investment in the United States, primarily from Japan; the extent to which Japanese trade patterns are a reflection of underlying factor and endowments rather than trade barriers; and the market structure of Canadian industries, including applications for ongoing U.S.-Canadian free trade negotiations. Topical and provocative, these papers will be of value to economists, policymakers, and those in the business world.
The United States in the World Economy offers the results of a conference organized by the National Bureau of Economics in 1987. The volume includes background papers prepared by nine academic economists, personal statements by individuals prominent in government and business, and summaries of the discussion that followed the presentations. Among the topics considered are foreign competition in Latin America and the Asian Pacific Rim, Third World debts, innovations in international financial markets, changing patterns of international investment, international capital flows, and international competition in goods, services, and agriculture. Prepared for a sophisticated but non-technical audience, these papers present complicated economic issues clearly, indicating the many ways in which the American economy influences and is influenced by economic events and conditions around the world.