World Trade and the U.S. Balance of Payments
Growth of Foreign Competition in U.S. Market
Less than 15 years after the defeat of Japan in World War II, and the loss of her empire and “co-prosperity sphere,” she has emerged as a formidable competitor of her former enemies in international trade. Japan is at present enjoying a business boom of unprecedented proportions, with her national output increasing faster than that of the United States, The slower rate of expansion in this country has been attributed in part to a marked change in the American position in world trade, accompanied by a steady worsening of the country's international balance of payments.
The end of a period in which the United States in effect financed the rebuilding of war-torn ...