According to Wynne Godley, the significance of the deficit in the United States' balance of payments has been underestimated in both public policy and academic discussions, despite the fact that American markets are increasingly dominated by foreign manufacturers. Godley analyzes the problem...

The strategic outlook of the U.S. can be assessed by analyzing the balance sheets of its main sectors, which are mutually linked by a coherent system of accounting. The expansion of the period 1992-2000 was greeted by a wave of complacency in the United States and it was thought that it could...