The Trade Deficit, the Dollar, and the U.S. National Interest [Paperback]

Ernest H. Preeg (Author)

Book Description

Publication Date: August 1, 2000

The U.S. trade deficit set a record of $271 billion in 1999 and will probably be even higher this year. The Clinton Administration calls the deficit “unsustainable,” but what happens when the point of unsustainability is reached and what should the United States do now to avoid a disruptive downward adjustment?

Dr. Preeg answers these questions with a clear presentation of the relationship between U.S. trade and financial interests. He argues that the chronic trade deficit and the related buildup of foreign debt can have substantial adverse consequences for the United States, and that early actions are needed to increase the U.S. savings rate and to curtail mercantilist exchange rate policies by some trading partners. Many observers believe we do not need to worry about the trade deficit in this era of high growth and full employment. The Trade Deficit, the Dollar, and the U.S. National Interest is essential reading for anyone interested in a more concerned assessment of the prospects for America’s economic future and geopolitical position.

Editorial Reviews

Review

Preeg’s analysis of the U.S. current account deficit is refreshingly free of ideological and academic blinders... -- Dr. Thomas J. Duesterberg

“Ambassador Preeg does a great job of dealing with the nexus of international finance and international trade... -- Clayton Yeutter

About the Author

Ernest H. Preeg, an adjunct fellow of the Hudson Institute specializes in international economic and foreign policy. For more than twenty-five years, he was a career foreign service officer, serving as American ambassador to Haiti, deputy assistant secretary of state for International Finance and Development, chief economist at the U.S. Agency for International Development, and executive director of the White House Economic Policy Group. His principal Hudson project will be a study of the causes of the chronic U.S. trade deficit and the need for a new financial architecture.

Ambassador Preeg formerly worked at several other public policy organizations, including the Council on Foreign Relations, the Brookings Institution, and, most recently, the Center for Strategic and International Studies.

He holds a Ph.D. in economics from the New School for Social Research and taught economics at Brooklyn College. His first career was in the U.S. merchant marine, rising from ordinary seaman to chief mate oceans.

Preeg is the author of thirteen books and numerous shorter works. His most recent books include Traders in a Brave New World: The Uruguay Round and the Future of the International Trading System (University of Chicago Press, 1995), The Haitian Dilemma (CSIS, 1996), From Here to Free Trade: Essays in Post-Uruguay Round Trade Strategy (University of Chicago Press/CSIS, 1996), and Feeling Good or Doing Good with Sanctions? Unilateral Economic Sanctions and the U.S. National Interests (CSIS, 1999). His October 1998 essay, “The U.S. Trillion Dollar Debt to Foreign Central Banks,” won second prize in the Jacques de Larosiere International Essay Competition in Global Finance, sponsored by the Institute of International Finance. His op-eds have appeared in Miami Herald, The Wall Street Journal, The Washington Post, and The Washington Times. He also has appeared on a variety of television and radio shows including CNN News, “Firing Line”, “Good Morning America”, “Jim Lehrer News Hour”, and the “Dianne Rehm Show”.

Product Details

• Paperback: 168 pages
• Publisher: Hudson Inst (August 1, 2000)
• Language: English
• ISBN-10: 1558130446
• ISBN-13: 978-1558130449
• Product Dimensions: 9 x 6 x 0.5 inches
• Shipping Weight: 11.2 ounces (View shipping rates and policies)
• Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #3,332,558 in Books (See Top 100 in Books)

More About the Author

Discover books, learn about writers, read author blogs, and more.

Customer Reviews

Most Helpful Customer Reviews

4 of 5 people found the following review helpful:

5.0 out of 5 stars Where is this country heading??, November 14, 2000

By 

Shawn Erlbacher (Sioux City, IA USA) - See all my reviews

This review is from: The Trade Deficit, the Dollar, and the U.S. National Interest (Paperback)

This book is a must in understanding globilization, the hoarding of the dollar abroad, the potential repercutions of a liberal trade policy and solutions for a soft-landing. Due to a lack of understanding of this subject the first chapter was laborsome, but soon I became facinated with this subject. Overall, this book significantly elevated my understanding of the subject and provides an insightful view into this transparent issue.