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Carvounis has written a splendid, brief explanation of the current U.S. trade deficit and its probable consequences. After providing a brief history of the deficit, he surveys and critiques the two leading explanations advanced by economic theory (monetarist and structuralist). . . . Carvounis finds the monetarist suggestions politically impractical and the structuralist solution unworkable as well as politically improbable. . . . The writing is crisp and well documented. Choice

The United States Trade Deficit of the 1980s probes the causes and consequences, as well as possible responses to the trade imbalance. In a thorough examination of the origins of the trade imbalance, the study takes into account the magnitude of the problem, focusing on bilateral trade balances, sectoral balances, and future outlook. The causes and consequences of the deficit are explained through an exhaustive comparison between the monetarist and structuralist schools. In a comprehensive, nonideological approach, the book provides valuable critiques and conclusions with respect to both positions.

Tabla de contenidos provista por Syndetics

• The Origins of the Trade Deficit
• The Meanings of the Trade Deficit Policy Responses

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CHOICE Review

Carvounis (St. John's University) has written a splendid, brief explanation of the current US trade deficit and its probable consequences. After providing a brief history of the deficit, he surveys and critiques the two leading explanations advanced by economic theory (monetarist and structuralist). The monetarists argue that large federal deficits and government interference with free markets are the root causes of the trade deficit, while structuralists emphasize important factors like the slow rate of US productivity growth. The monetarist solution is to reduce government spending and regulation; the structuralists want to partially replace the market mechanism with a more extensive system of government-controlled industrial planning. Carvounis finds the monetarist suggestions politically impractical and the structuralist solution unworkable as well as politically improbable. In the final chapter he characterizes the government's current policy reaction to the deficit as an attempt to blame outside agitators, usually the Japanese. The likely result is a long period of stagflation once the current expansion has run its course. The writing is crisp and well documented. As with most books on current economic topics, the statistics will soon become dated. Community college through graduate level collections.-R.T. Averitt, Smith College

Notas de autor provistas por Syndetics

CHRIS C. CARVOUNIS is Professor of Economics and Finance at the College of Business Administration, St. John's University.