The improved handling of subsidies is vital to continued cooperation in international trade. This succinct and well-argued essay gives an authoritative account of American practice and existing international arrangements. Guidelines for future action and some specific measures are suggested, but the authors leave some ragged edges as they quail before the variety and ubiquity of subsidies. They are realistic in arguing that further definitions of "troublesome" subsidies and what to do about them will come from the interplay of national moves, but one wishes they had provided more guidance on how to cope with the clashes that seem inescapable between American ideas of "fair trade" and the views of the rest of the world. This is a convenient collection of documents but lacks an index.
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