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On living and trading with Japan, United States commercial and macroeconomic policies. (The Adam Smith address by the author at the 32nd Annual Meeting of the National Association of Business Economists, September 23-27, 1990, coinciding with the 200 year

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From: Business Economics
Date: 19910101
Author:Tobin, James

Japan is becoming Americans' prime nemesis. Trade war is replacing cold war. Free trade has never been U. S. policy. But after World War H we took the lead in subjecting national commercial policies to international rules and in negotiating multilateral commercial disarmament. Like other countries, the U. S. sometimes violated the letter and spirit of the GATT. Now, however, we have made aggressive unilateral threats and retaliations, mainly directed at Japan. "Managed trade" has even gained Sonte rationales in economic theory. But if nations start playing uninhibited strategic ...

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