ABSTRACT
Both the U. S. economy and the international economy of which it is a part have undergone dramatic changes these last 20 years. 1 In fact, these past two decades may have witnessed the greatest change of any comparable period in modern history. We have witnessed a remarkable increase in the openness of our economy or in our dependence on trade (whichever way you prefer to view it)—with that dependence doubling during the decade of the 1970s and tripling since 1965. Today, approximately 25 percent of this nation’s gross national product is attributed to trade. Consequently, it no longer makes sense for us to view ourselves as Fortress America, or to ignore the constraints the international economy puts on our economy and our economic policies.
