PERIODICALS

ECONOMICS, LABOR & BUSINESS
seizures of neutral American ships. According to Frankel, a Berkeley economist, British imports from America dropped 73 percent the fol- lowing year; exports fell 56 percent. Some trade continued because the Embargo Act was at first loosely enforced and because some ships had already embarked on their long Atlantic crossing when the Act was passed. Smugglers also accounted for some trading.
But not much, says Frankel. Cotton was the chief U.S. expor...