IODICALS

ECONOMICS, LABOR, & BUSINESS
imports equaled only 10 percent of the nation's gross national prod- uct. But today, up to 70 percent of all U.S. manufactured goods- computers, tractors, and steel-face competition from abroad. And 17 percent of the nation's total industrial and agricultural output is destined for foreign markets.
Classical free-trade doctrine, with its stress on assuring that consum- ers have access to the cheapest wares in the world, made sense when in- ternational c...