The United States and the world economy : foreign economic policy for the next decade / edited by C Fred Bergsten and the Institute for International Economics.

Format:

Book

Contributor:

Bergsten, C. Fred, 1941-

Institute for International Economics (U.S.)

Language:

English

Subjects (All):

United States--Commercial policy.

United States.

United States--Commerce.

United States--Economic policy--2001-2009.

United States--Foreign economic relations.

Physical Description:

1 online resource (475 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : Institute for International Economics, 2005.

Language Note:

English

Summary:

What are the key foreign economic policy issues facing the United States in the second half of this decade? How can the administration and Congress meet the economic challenges that lie ahead? This new book analyzes the dramatic importance of the world economy to both the domestic prosperity and overall foreign policy of the United States, describes the new global environment (e.g., the rise of China as a global economic superpower and the completion of European unification) in which US policy must operate, and proposes major US initiatives on a wide range of international economic issues, including correction of the huge current account deficit, new trade negotiations, and energy. Individual chapters by senior staff of the Institute on each of the key topics are included.

Contents:

Cover

Contents

Preface

Executive Summary

I Foreign Economic Policy for the United States

Chapter 1 A New Foreign Economic Policy for the United States

Short-Run Agenda

Domestic Foundations of Foreign Economic Policy

The New Global Context

Proposals for Policy

US Foreign Economic Diplomacy

Conclusions

II The Policy Context

Chapter 2 The Payoff to America from Global Integration

The Payoff from Past Liberalization

The Payoff from Future Liberalization

Conclusion

Appendix 2A Intermediate Imports: Gains Through Worker Productivity

Appendix 2B An Estimate of Labor Adjustment Costs

Chapter 3 Uneven Gains and Unbalanced Burdens? Three Decades of American Globalization

Uneven Gains?

Unbalanced Burdens?

Quo Vadis American Policy?

Chapter 4 China The Great New Economic Challenge?

China's Emergence in the Global Economy

US-China Economic Relations

Causes of the Bilateral Trade Imbalance

China as a Technological Leapfrog

China's Exchange Rate

Implications for US Policy

Chapter 5 The United States and the Large Emerging-Market Economies: Competitors or Partners?

Summary of Recommendations

Who Are the LEMs?

Why Are the LEMs Important to the United States and the World

How Should the United States Deal with the LEMs?

Active Collaboration Between the United States and LEMs

Budgetary Reality Check

III The Key Issues

Chapter 6 Sustaining Global Growth while Reducing External Imbalances

Forces Behind the Recent Rise of the US External Deficit

Emergence of the "Twin Deficits" During the 1980s

Factors Behind the Strong Dollar of the Late 1990s

Recent Developments and Future Prospects

Sustainable Scale of External Imbalances

General Need for Exchange Rate Adjustment.

Industrial-Country Policies to Contribute to Orderly Reduction of External Imbalances

Key Issues for Developing Countries in the Orderly Reduction of International Imbalances

Conclusion: Virtues of Some International Policy Cooperation

Chapter 7 Energy: A Gathering Storm?

Sources of Strain in Global Energy Markets

Strains on the Oil Market: Repeating History

Scenarios for World Oil Markets and the World Economy

Economic Impacts of the Next Price Shock

Moderating or Avoiding the Impending Energy Crisis

Short-Term Measures to Address the Current Problem

Long-Term Strategies for Addressing the Energy Problem

Conclusion: Time Is Short and Action Is Required

Appendix 7A The BP Prudhoe Bay Trust's Link to WTI

Chapter 8 Confronting Current Challenges to US Trade Policy

Domestic Trade Policy Agenda

International Trade Agenda

Chapter 9 Offshore Outsourcing and the Globalization of US Services: Why Now, How Important, and What Policy Implications

Globalization of Services: How New? How Different?

How Important Is Globalization of Services for the United States?

Globalization of Services and Jobs: The Numbers for the United States

Globalization of IT and US Performance

Globalization of Services: Is There No End to It?

Responding to Global Sourcing: Maximizing Gains and Moderating the Backlash

Final Words

Chapter 10 Easing the Adjustment Burden on US Workers

Trade Adjustment Assistance

Unfinished Business

A More Ambitious Agenda

Recent Congressional Activity

MFA Removal

Legislative Opportunities

Summary and Conclusion

Appendix 10A Highly Import-Competing Industries, 1979-2001

Chapter 11 Challenges for US Immigration Policy

Past and Current US Immigration Policy

Profile of US Immigration

Benefits and Costs of Immigration.

Reforming US Immigration Policy

Chapter 12 The International Financial Architecture

Discouraging "Beggar Thy Neighbor" Exchange Rate Policies

Controlling Currency Mismatches in Emerging Economies

Debt Sustainability

International Standards and Codes

Early Warning Systems

IMF Lending Policies

Concluding Remarks

Chapter 13 Fostering Development

Trade

Development Assistance

About the Contributors

Index.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Includes bibliographical references and index.

ISBN:

9786611744540

9781281744548

1281744549

9780881324624

0881324620

9781435658011

1435658019

OCLC:

290589036