As the Asian financial and currency crisis spun out of control, the world glimpsed the dark side of the new international economic order. It is highly efficient—linking global markets for goods and money—but dangerously unstable and asymmetrical. For speculators, traders, bankers, and tycoons, there are unlimited opportunities to make money in the global economy. They...
Bill Clinton and Richard Cobden, a 19th-century English anti-Corn Law crusader, have more in common than consonants in their surnames. As economic internationalists, both trumpeted commerce as the panacea for attaining world peace and prosperity. In their own ways, both bear responsibility for the new international economic order which rests on the twin foundations of...
During his debate with Citizen Perot, Vice President Al Gore joined a distinguished list of misinformed public officials when he bashed the Smoot-Hawley Tariff. Senator Reed Smoot and Congressman Willis Hawley “raised tariffs,” Gore said, “and it was one of the principle causes . . . of the Great Depression.” Predictably, the national press jumped...
NAFTA—the North American Free Trade Agreement—is not unlike the notorious star chamber, where the king and counsellors of medieval England secretly meted out justice without concern for precedent. If Congress approves NAFTA, George Bush’s proudest diplomatic achievement, Americans can expect a heavy dose of star-chamber-style justice in the 21st century. For the average citizen, NAFTA...
Many who leave Main Street, U.S.A., to do good in Washington, D.C., remain on to do well for themselves. Since the beginnings of the American Republic, thousands of former congressmen, staff assistants, and senior officials in the executive branch have trod that familiar career path. The bright and ambitious, as well as the foolish and...