When McGeorge Bundy left Washington last year to become head of the Ford Foundation, Lyndon Johnson lost a compelling voice for his policies of broadened foreign trade, a more realistic international monetary system, and wider, more willing U.S. investment abroad. Last week, addressing the International Chamber of Commerce in Manhattan, Bundy raised that voice again, arguing "The Case for Self-Confident Generosity in Trade, Money and Management." Excerpts:

The Protectionist Error

One does not know whether to be more startled by the arrogance of those who have sought [protection by means of import quotas] or by their intellectual flexibility. Steel and textile...

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