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Economic Sovereignty at Bay

Courtesy Reuters

Thirty-six years ago, the President of the United States observed that the U.S. tariff was "solely a domestic question," a subject inappropriate for international bargaining. This view, archaic as it now may seem, stirred no public outcry, no editorial protest in the nation's leading dailies.

But that was another era.

Today, the commitments among the principal non-communist countries of the world cover the subject of tariffs, import and export licenses, and subsidies; the level of foreign exchange rates and the price of gold; the price and quality of international air service; the price of coffee, wheat, sugar and tin; safety-at-sea standards, deep-sea fishing and whaling rights; and the international use of the ether waves. There is a pooling of foreign-aid funds through the World Bank and various regional banking institutions; a pooling of international technical assistance efforts through numerous U.N. agencies. More important still, through institutions such as

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