Document Type

Book Chapter


Economics (CMC)

Publication Date



The USA has been an important player on the post-war world economic stage, but for much of that period what happened in the world economy was not of much consequence to the majority of the country's citizens. Trade was, and in many ways still is, a small part of overall economic activity. To assess the importance of trade one has to go to sector- and industry-specific levels, where shifts in world demand and supply can affect wages, profits, employment and output. The public at large has a general sense that the US economy is becoming more 'globalized' and that this process could have important implications, but most would be hard-pressed to come up with hard evidence from personal experience.


At the request of the publisher, the chapter is for private use only.

Rights Information

© 2000 Edward Elgar Publishing Ltd.

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Economics Commons