The U.S. Has the Opportunity & the Tools
WHY have U.S. exports fallen? The popular complaint of businessmen is that the U.S. is being priced out of world markets by rising labor costs.
But many foreign-trade experts are convinced that the biggest problem is a plain lack of salesmanship: the U.S. businessman has simply not tried hard enough to sell his products abroad.
Says Federal Reserve Chairman William McChesney Martin Jr.: "Our foreign business is the neglected child of American business." Even though the traditional spread between U.S. exports and imports has narrowed dangerously, comparatively few businessmen have stepped up foreign selling efforts. The...