EVER since the modern era of internationalism began in the days of the New Deal, the U.S. has been committed to freer trade, and Americans have enjoyed many benefits from that policy. Consumers have been able to buy rising quantities of relatively inexpensive Italian shoes, British clothes, German autos, French food and Japanese cameras. Producers have profited from sales abroad of U.S. aircraft and computers, heavy machinery and soft drinks. The domestic economy gained as well, because international competition helped check inflation. The boons were so apparent that protectionism has been in steady retreat. Now in 1970, a year of economic...
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