Table of contents for The United States and the world economy : foreign economic policy for the next decade / edited by C Fred Bergsten.


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I Foreign Economic Policy for the United States
1 A New Foreign Economic Policy for the United States     3
C. Fred Bergsten
Short-Run Agenda                                       7
Domestic Foundations of Foreign Economic Policy       15
The New Global Context                                19
Proposals for Policy                                  24
US Foreign Economic Diplomacy                         50
Conclusions                                           55
II The Policy Context
2 The Payoff to America from Global Integration          65
Scott C. Bradford, Paul L. E. Grieco,
and Gary Clyde Hufbauer
The Payoff from Past Liberalization                   71
The Payoff from Future Liberalization                 86
Conclusion                                            95
Appendix 2A   Intermediate Imports: Gains Through
Worker Productivity                         102
Appendix 2B   An Estimate of Labor Adjustment Costs       106
3  Uneven Gains and Unbalanced Burdens?
Three Decades of American Globalization                  111
J. David Richardson
Uneven Gains?                                             112
Unbalanced Burdens?                                       116
Quo Vadis American Policy?                                118
4  China: The Great New Economic Challenge?                  121
Nicholas R. Lardy
China's Emergence in the Global Economy                   122
US-China Economic Relations                               125
Causes of the Bilateral Trade Imbalance                   126
China as a Technological Leapfrog                         131
China's Exchange Rate                                    134
Implications for US Policy                                137
5  The United States and the Large Emerging-Market Economies:
Competitors or Partners?                                 143
Jan E. Boyer and Edwin M. Truman
Summary of Recommendations                                145
Who Are the LEMs?                                        147
Why Are the LEMs Important to the United States
and the World?                                          151
How Should the United States Deal with the LEMs?          154
Active Collaboration Between the United States and LEMs   162
Budgetary Reality Check                                   170
III The Key Issues
6  Sustaining Global Growth while Reducing External Imbalances  175
Michael Mussa
Forces Behind the Recent Rise of the US External Deficit  178
Emergence of the "Twin Deficits" During the 1980s         179
Factors Behind the Strong Dollar of the Late 1990s        181
Recent Developments and Future Prospects                  183
Sustainable Scale of External Imbalances                  184
General Need for Exchange Rate Adjustment                 189
Industrial-Country Policies to Contribute to Orderly
Reduction of External Imbalances                        193
Key Issues for Developing Countries in the Orderly
Reduction of International Imbalances                 201
Conclusion: Virtues of Some International Policy Cooperation  206
7  Energy: A Gathering Storm?                              209
Philip K. Verleger Jr.
Sources of Strain in Global Energy Markets              210
Strains on the Oil Market: Repeating History            221
Scenarios for World Oil Markets and the World Economy   222
Economic Impacts of the Next Price Shock                225
Moderating or Avoiding the Impending Energy Crisis      228
Short-Term Measures to Address the Current Problem      230
Long-Term Strategies for Addressing the Energy Problem  236
Conclusion: Time Is Short and Action Is Required        243
Appendix 7A  The BP Prudhoe Bay Trust's Link to WTI     245
8  Confronting Current Challenges to US Trade Policy       247
Jeffrey J. Schott
Domestic Trade Policy Agenda                            250
International Trade Agenda                              259
Conclusions                                             277
9  Offshore Outsourcing and the Globalization of US Services:
Why Now, How Important, and What Policy Implications    281
Catherine L. Mann
Globalization of Services: How New? How Different?      283
How Important Is Globalization of Services for the
United States?                                        287
Globalization of Services and Jobs: The Numbers for the
United States                                         293
Globalization of IT and US Performance                  299
Globalization of Services: Is There No End to It?       305
Responding to Global Sourcing: Maximizing Gains and
Moderating the Backlash                               305
Final Words                                             309
10 Easing the Adjustment Burden on US Workers              313
Lori G. Kletzer and Howard Rosen
Trade Adjustment Assistance                             316
Unfinished Business                                     325
A More Ambitious Agenda                                 331
Recent Congressional Activity                           336
MFA Removal                                             336
Legislative Opportunities                                337
Summary and Conclusion                                   339
Appendix 10A Highly Import-Competing Industries,
1979-2001                                 341
11 Challenges for US Immigration Policy                     343
Gordon H. Hanson
Past and Current US Immigration Policy                   344
Profile of US Immigration                                348
Benefits and Costs of Immigration                        355
Reforming US Immigration Policy                          365
12 The International Financial Architecture                 373
Morris Goldstein
Discouraging "Beggar Thy Neighbor" Exchange Rate Policies  376
Controlling Currency Mismatches in Emerging Economies    381
Debt Sustainability                                      384
International Standards and Codes                        388
Early Warning Systems                                    392
IMF Lending Policies                                     394
Concluding Remarks                                       400
13 Fostering Development                                    409
William R. Cline and John Williamson
Trade                                                    413
Development Assistance                                   419
Concluding Remarks                                       424



Library of Congress subject headings for this publication: United States Commercial policy, United States Commerce, United States Economic policy 2001-United States Foreign economic relations