Since the beginning of detente in the sixties the United States' economic policy toward the Soviet Union has steered a zig-zag course. The latest spectacular step was President Reagan's lift - apparently without an adequate quid pro quo - of the embargo on grain and phosphates imposed by his...

"Fifteen years hence not Europe will be the third industrial power in the world, after the United States and the USSR, but American industry in Europe" Servan-Schreiber wrote 1967 in his "The American Challenge". Now those fifteen years are past. What has happened really?