Courtesy Reuters

In the summer of 1971, President Nixon and Secretary Connally revolutionized U.S. foreign economic policy. In so doing, they promoted a protectionist trend which raises questions about the future of the U.S. economy at least as fundamental as those raised by the abrupt adoption of wage-price controls. In so doing, they have also encouraged a disastrous isolationist trend which raises questions about the future of U.S. foreign policy at least as fundamental as those raised by the President's essentially positive and decidedly non-isolationist China initiative, Vietnam policy and negotiations with the Soviet Union. Both the U.S. economy

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