International trade: the new insecurities
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Conflicts between an interdependent world economy and a growing mood of national insecurity are causing new strains that are most evident in the field of international trade. Trade, once the symbol of global economic integration, is rapidly becoming the victim of the current recessionary cycle and of rising economic nationalism. The fragility of the world trade environment is more visible as a result of Japanese competitiveness and of structural changes in sectors that were once the mainstay of developed nations-steel, textiles, and automobiles.
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