This paper assesses the place of active trade policy in U.S. industrial change.The growing role of imperfectly competitive multinational corporations provides new arguments for more active U.S. trade policy, as does an increased social consensus that governments should insure what markets do...

This paper explores the new interconnections between real and financial policies that affect international transactions. Among other conclusions are the following. (1) In a world of spatially mobile capital and reasonably accurate expectations, trends in international competitiveness and...