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The Futility and Risk of Balancing US Trade

2018
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Release : 2018
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Book Synopsis The Futility and Risk of Balancing US Trade by : Herbert Grubel

Download or read book The Futility and Risk of Balancing US Trade written by Herbert Grubel. This book was released on 2018. Available in PDF, EPUB and Kindle. Book excerpt: US trade policies designed to increase employment by balancing international trade with the rest of the world will fail to reach their objectives as long as the current large fiscal deficit exists and net imports are needed to compensate for the resultant domestic excess of demand over production.While the government's trade policies will fail, they are endangering a profitable business that is based on the world's confidence in the future stability and value of the exchange rate, credit-worthiness of the federal government and the growth and relative size of the US economy in the world.This business involves the literal printing of US currency notes acquired by foreign agents who use it in legal, illegal and underground transactions as well as a store of value. In 2017 the holding of US currency (mostly $100 notes) held outside the United States increased by $200 billion. Foreigners paid for these notes in exchange for goods and services of equal value. Since it costs virtually nothing to produce the notes, the $200 billion is a net addition to US national income.Foreign central banks in 2017 held $6.1 trillion in short-term US Treasury securities requiring the payment of interest much lower than the interest on longer term assets and investments the US Treasure can acquire with the funds received upon the sale of the securities to the foreign central banks. Assuming the difference in earnings on short and long term assets to be four percent, the US Treasury in 2017 earned $244 billion, which is used to reduce the fiscal deficit.

Clashing Over Commerce

2017-11-29 Political Science
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Release : 2017-11-29
Genre : Political Science
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Book Rating : 01X/5 ( reviews)

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Book Synopsis Clashing Over Commerce by : Douglas A. Irwin

Download or read book Clashing Over Commerce written by Douglas A. Irwin. This book was released on 2017-11-29. Available in PDF, EPUB and Kindle. Book excerpt: A Foreign Affairs Best Book of the Year: “Tells the history of American trade policy . . . [A] grand narrative [that] also debunks trade-policy myths.” —Economist Should the United States be open to commerce with other countries, or should it protect domestic industries from foreign competition? This question has been the source of bitter political conflict throughout American history. Such conflict was inevitable, James Madison argued in the Federalist Papers, because trade policy involves clashing economic interests. The struggle between the winners and losers from trade has always been fierce because dollars and jobs are at stake: depending on what policy is chosen, some industries, farmers, and workers will prosper, while others will suffer. Douglas A. Irwin’s Clashing over Commerce is the most authoritative and comprehensive history of US trade policy to date, offering a clear picture of the various economic and political forces that have shaped it. From the start, trade policy divided the nation—first when Thomas Jefferson declared an embargo on all foreign trade and then when South Carolina threatened to secede from the Union over excessive taxes on imports. The Civil War saw a shift toward protectionism, which then came under constant political attack. Then, controversy over the Smoot-Hawley tariff during the Great Depression led to a policy shift toward freer trade, involving trade agreements that eventually produced the World Trade Organization. Irwin makes sense of this turbulent history by showing how different economic interests tend to be grouped geographically, meaning that every proposed policy change found ready champions and opponents in Congress. Deeply researched and rich with insight and detail, Clashing over Commerce provides valuable and enduring insights into US trade policy past and present. “Combines scholarly analysis with a historian’s eye for trends and colorful details . . . readable and illuminating, for the trade expert and for all Americans wanting a deeper understanding of America’s evolving role in the global economy.” —National Review “Magisterial.” —Foreign Affairs

The Paradox of Power

2020
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Release : 2020
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Book Rating : 734/5 ( reviews)

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Book Synopsis The Paradox of Power by : David C. Gompert

Download or read book The Paradox of Power written by David C. Gompert. This book was released on 2020. Available in PDF, EPUB and Kindle. Book excerpt: The second half of the 20th century featured a strategic competition between the United States and the Soviet Union. That competition avoided World War III in part because during the 1950s, scholars like Henry Kissinger, Thomas Schelling, Herman Kahn, and Albert Wohlstetter analyzed the fundamental nature of nuclear deterrence. Decades of arms control negotiations reinforced these early notions of stability and created a mutual understanding that allowed U.S.-Soviet competition to proceed without armed conflict. The first half of the 21st century will be dominated by the relationship between the United States and China. That relationship is likely to contain elements of both cooperation and competition. Territorial disputes such as those over Taiwan and the South China Sea will be an important feature of this competition, but both are traditional disputes, and traditional solutions suggest themselves. A more difficult set of issues relates to U.S.-Chinese competition and cooperation in three domains in which real strategic harm can be inflicted in the current era: nuclear, space, and cyber. Just as a clearer understanding of the fundamental principles of nuclear deterrence maintained adequate stability during the Cold War, a clearer understanding of the characteristics of these three domains can provide the underpinnings of strategic stability between the United States and China in the decades ahead. That is what this book is about.

Economics and National Security

2011-03 Reference
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Release : 2011-03
Genre : Reference
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Book Rating : 805/5 ( reviews)

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Book Synopsis Economics and National Security by : Dick K. Nanto

Download or read book Economics and National Security written by Dick K. Nanto. This book was released on 2011-03. Available in PDF, EPUB and Kindle. Book excerpt: Contents: (1) National Security (NS) and the Congressional Interest; 21st Century Challenges to NS; (2) The Role of the Economy in U.S. NS; Macroecon. and Microecon. Issues in NS; (3) Economic Growth and Broad Conceptions of NS: Human Capital; Research, Innovation, Energy, and Space; (4) Globalization, Trade, Finance, and the G-20; Instability in the Global Economy; Savings and Exports; Boosting Domestic Demand Abroad; Open Foreign Markets to U.S. Products and Services; Build Cooperation with International Partners; Deterring Threats to the International Financial System; (5) Democracy, Human Rights, and Development Aid; Sustainable Development. Charts and tables. This is a print on demand publication.

Pain Management and the Opioid Epidemic

2017-09-28 Medical
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Release : 2017-09-28
Genre : Medical
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Book Rating : 575/5 ( reviews)

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Book Synopsis Pain Management and the Opioid Epidemic by : National Academies of Sciences, Engineering, and Medicine

Download or read book Pain Management and the Opioid Epidemic written by National Academies of Sciences, Engineering, and Medicine. This book was released on 2017-09-28. Available in PDF, EPUB and Kindle. Book excerpt: Drug overdose, driven largely by overdose related to the use of opioids, is now the leading cause of unintentional injury death in the United States. The ongoing opioid crisis lies at the intersection of two public health challenges: reducing the burden of suffering from pain and containing the rising toll of the harms that can arise from the use of opioid medications. Chronic pain and opioid use disorder both represent complex human conditions affecting millions of Americans and causing untold disability and loss of function. In the context of the growing opioid problem, the U.S. Food and Drug Administration (FDA) launched an Opioids Action Plan in early 2016. As part of this plan, the FDA asked the National Academies of Sciences, Engineering, and Medicine to convene a committee to update the state of the science on pain research, care, and education and to identify actions the FDA and others can take to respond to the opioid epidemic, with a particular focus on informing FDA's development of a formal method for incorporating individual and societal considerations into its risk-benefit framework for opioid approval and monitoring.

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