By By the end of the 1980s, global financial markets were generating a net international flow of funds of more than $3 trillion each month, that is, the
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So, a causeâ effect scenario as headlined by many analysts, including Business Week on September 23, 1985, that: â the soaring [US] trade deficitâ ¦ is destroying US manufacturing jobsâ ¦and turning the US into a debtor nationâ 9 is quite inconsistent with the facts. The old-fashioned understanding of initiating and autonomous merchandise and services trade forcing the major changes in accommodating financial flows must yield in this case study to a new understanding that initiating financial flows forced the most significant changes in merchandise and services trade since World War II.
As documented in Chapter 1, the inflow of foreign investment has brought the priceâ earnings ratio on US real property up to 20/1 in the 1990s from 15/1 in the 1980s, which is a capital gain of 33 percent to long-term holders of US real property â thanks to globalization and convergence of world equity markets. US citizens were able to justify lower savings rates since 1980 partly because of the sizable capital gains which they were realizing from the foreign capital inflow. The value of US household wealth â locked intoâ the US stock market increased more than $1 trillion in the 1980s, and more than $7 trillion in the 1990s.
This concern was widely felt even though the tariffs were designed to be punitive rather than protectionist, and therefore within the guidelines of GATT. If instead the US government had wanted to transfer a significant amount of income to US semiconductor firms, tariffs would not have been the chosen policy instrument. The GATT guidelines would have been violated, and the US would have jeopardized its trading relationship with Japan more than was politically acceptable. As the semiconductor case and other recent cases have shown, if protectionism restricts imports enough to greatly benefit domestic producers, policy-makers prefer that the protectionism does not impose significant costs on the restricted foreign exporters, even when it is likely that they have violated international trade agreements.