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Economic Foreign Policy on the New Frontier

Courtesy Reuters

THE completion of the first hundred days of life on the New Frontier provides an occasion for an appraisal of the program of the new Administration in the area of economic foreign policy. These hundred days were an exceptionally difficult period for formulating long-term policy. The cold war had entered a state of acute tension, and earlier hopes that there were opportunities for fruitful negotiation, mutual accommodation, mutual understanding with Russia now seem utopian. The American economy was undergoing a recession separated from a preceding recession by a disappointingly brief period of moderate prosperity. Aside from the recession, the long-term aggregate and per capita economic growth rate was low, in fact one of the lowest ones in the world, and yet the American economy was not free from the threat of at least creeping inflation and of persistent unemployment; something structurally wrong clearly was operative, but there was no agreement

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