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The Role of International Trade and Investment |
| Section: CURRENT ISSUES / SPECIAL REPORT--COPING WITH THE GLOBAL RECESSION |
| Author: Claude E. Barfield |
| Publication: The world & I online |
| Issue Date: 1/1/2002 |
| Size: 1,694 Words, 11,196 Characters |
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In combating the deepening worldwide recession, policymakers should heed lessons from the last great global downturn--the depression of the 1930s. The lessons are both negative and positive. That is, they tell us what policies should not be applied, as well as which ones should serve as models in this first decade of the twenty-first century.
Certainly, a key component of any strategy to jump-start national economies will be domestic stimulus packages. They need to be carefully crafted to provide short- and medium-term stimuli (tax cuts and targeted spending increases) without gravely damaging long-term fiscal health or thwarting structural adjustment. But given the advanced state of globalization, U.S. policymakers should give special attention to the role of trade and foreign direct...
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... and imports now represent about one-quarter of the total U.S. economy, and the new importance of foreign direct investment (about 20 percent of the U.S. economy) links the U.S. economy even more directly to the world economy.
Thus, getting it right on international trade and investment policy is an indispensable component of any U.S. strategy to combat the growing menace of recession.
(806 of 11,196 characters)
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