When it comes to the thorny topic of international economics, generations of Americans have long enjoyed blissful ignorance. Phrases like "terms of trade" were more likely to suggest a baseball-player swap than something that could gravely affect people's jobs or incomes. Those innocent days, though, are past. When TIME's Board of Economists met last week in Manhattan to assess the business outlook, the animated session was dominated by issues ranging from the colossal U.S. foreign trade deficit to the financial crisis in South Africa. Said Alan Greenspan, a New York City-based economic consultant: "We are looking at an unprecedented period in...
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