U.S. balance-of-payments problems in the 1960s remain poorly understood. In this paper I argue that they had two aspects. On the one hand there was a problem of real overvaluation, evident in the erosion of the current account and reflecting the reluctance of the Fed, the Executive and Congress...

This paper provides an overview of recent trends in the U.S. basic industries. It first documents the dramatic fall in their shares of domestic employment and global production. It then considers explanations for these industries' relative -- and, in some instances, absolute -- decline. Those...