This engaging and informative book covers the range of issues on which C. Fred Bergsten and the Peterson Institute have distinguished themselves over the last 25 years, including trade liberalization, exchange rate regimes, international financial architecture, debt, economic sanctions and the impact of technology and globalization. Most of the Institute's senior research staff have contributed chapters, which are both retrospective and prescriptive.
- Cover
- Contents
- Preface
- Ch 1 C. Fred Bergsten: Intellectual Entrepreneur
- Evangelist for the Open Economy
- The Happy Cassandra
- Star Player, Team Leader
- Observations: C. Fred Bergsten, the Man and His Institute
- Ch 2 Constant Ends, Flexible Means: C. Fred Bergsten and the Quest for Open Trade
- Recurrent Themes
- The Institute Years
- Looking Ahead: Will the Same Patterns Persist?
- Ch 3 Trade Policy at the Institute: 25 Years and Counting
- Rampant Globalization
- Multilateral Trade Negotiations
- Bilateral and Regional Trade Negotiations
- The US Free Trade Coalition Splinters
- The Next 25 Years
- Ch 4 Economic Sanctions and Threats in Foreign and Commercial Policy
- Economic Sanctions for Foreign Policy Goals
- Use of Trade Threats and Sanctions in Managing Trade Policy
- Summary and Conclusions
- Ch 5
Trade Adjustment Assistance: The More We Change the More It Stays the Same
- Origins of Trade Adjustment Assistance
- Two Steps Forward, One Step Back
- The 2002 Reforms
- Running in Place
- Chamber of Commerce Support for TAA
- Unfinished Business
- TAA as a Model for Assistance to All Displaced Workers
- Cost Estimates for Reform Proposals
- Recent Congressional Activity
- Conclusion
- Appendix 5A
- Appendix 5B
- Appendix 5C
- Ch 6 Fred Bergsten asan Early Architect of an International Regime for Foreign Direct Investment
- Bergsten as Early Advocate of an International Regime for Investment
- Does the Case for an International Regime for Investment Still Stand?
- Ch 7 The International Monetary System in the Work of the Institute
- Ch 8 Fred Bergsten and the Institute’s Work on Exchange Rate Regimes
- History
- Target Zones
- The Blueprint
- Intervention
- Crawling Bands for Emerging Markets
- Baskets
- The System: Tinkering or Reference Rates?
- Concluding Remarks
- Ch 9 What Can Exchange Rates Tell Us?
- C. Fred Bergsten: Policymaker and Thinker
- Methodology
- The Evidence
- Concluding Observations
- Ch 10 Competitiveness and the Assessment of Trade Performance
- The Competitiveness Problem Posed by the Competitiveness Policy Council
- Has Recent US Economic Performance Matched the Goals of the CPC?
- Reframing the Trade Competitiveness Debate
- The Trade Balance and the Terms of Trade in Practice
- Exploring Robustness
- Impact of Oil and Exports on Worsened Trade Performance
- Conclusions and Directions for New Research
- Ch 11 International Debt: The Past Quarter Century and Future Prospects
- Principal Phases in the Past 25 Years
- Institute Research and International Debt Policy
- Conclusion
- Ch 12 Follow the Money
- The Great Moral Hazard Bugaboo
- Problems with Large IMF Programs
- The Way Forward
- Ch 13 The IMF as Global Umpire for Exchange Rate Policies
- Why Currency Manipulation Is Important
- Why Currency Manipulation Is Important and Still Relevant
- Myths and Fallacies about Currency Manipulation
- The IMF as Umpire for the Exchange Rate System
- Initiatives for Discouraging Currency Manipulation
- Ch 14 Institutional Strategy for the Global Economy
- Fred Bergsten’s Contributions
- Second-Generation Strategy
- Assessment of the Strategy
- Shortcomings of the Second-Generation Strategy
- Rule Hardening Requires Political Reinforcement
- Conclusion
- Ch 15 Wanted: More Effective Public Communication in Empirical International Economics
- A Brief Personal Retrospective
- Public Payoffs and Professional Methods for Public Communication
- A Mixed Assessment
- Closing Thoughts
- Appendix A Publications of C. Fred Bergsten
- Index
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