Multinationals operate in a setting where the rules of the game are ambiguous, contradictory, and subject to rapid change. The consequences of such conflict for the firm can be serious, ranging from nationalization and expropriation to increased operating costs and losses of market share,...

When an industry faces strong competition, it can adjust or seek protection through government trade policy. A look at the causes, course, and consequences of such competitive shifts in the steel and consumer electronics industries shows why the battle over protectionism has heated up recently.

A liberal, open, competitive, market‐oriented economy, with all its variations, is an eminently better strategy for economic progress than its alternative, the state‐managed economic system. This thesis is seemingly simple yet so complex for economic policymakers to understand.