Trade and the evolving world economy

Although American business leaders do not like protectionism, more and more of them are concluding that too many countries are stacking the deck against American competitors. The severe recession of 1980-83 and its lingering effects in certain regions and business sectors; unemployment stuck at record high levels; the decline of such industries as steel and autos; all of these have brought pressure on leaders of industrial countries to protect their industries from international competition. New technologies have great potential payoffs, but they require more sophisticated forms of social organization.There is a need for institutions that facilitate patterns of trade consistent with balanced markets, and with the smooth occurrence of any necessary structural changes.