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...

"This book analyzes the emergence of neomercantilist thought between the late eighteenth and early twentieth centuries, highlighting the global origins of this ideology, its diverse varieties, and the lasting legacies of the ideas of its pioneers on the politics of the world economy."