Abstract
It has been forcefully argued that the United States is now one of three major global trading blocks, Japan and Europe being the other two; and that in many respects it is the weakest of the three. In support of these propositions, facts are adduced to demonstrate that in many industries and settings the United States has its position as a leader or initiator and is now in a reactive rather than a pro-active role.
The recession from which the United States is just emerging, and in which much of the rest of the rest of the industrialized world is still mired, differs from many others preceding it. In part this is so here because some of the classic nostrums appear ineffective. For some time, interest rates in the United States have been at their lowest level in decades. Yet the low interest rates do not appear to be producing the usual effect of spurring capital investment and economic growth as rapidly as might be expected.
Recommended Citation
Murphy, Daniel T.
(1993)
"The European Rate Mechanism: It Continues to Function, But…,"
Florida Journal of International Law: Vol. 8:
Iss.
1, Article 1.
Available at:
https://scholarship.law.ufl.edu/fjil/vol8/iss1/1