Cover -- Contents -- Preface -- Executive Summary -- I Foreign Economic Policy for the United States -- Chapter 1 A New Foreign Economic Policy for the United States -- Short-Run Agenda -- Domestic Foundations of Foreign Economic Policy -- The New Global Context -- Proposals for Policy -- US Foreign Economic Diplomacy -- Conclusions -- II The Policy Context -- Chapter 2 The Payoff to America from Global Integration -- The Payoff from Past Liberalization -- The Payoff from Future Liberalization -- Conclusion -- Appendix 2A Intermediate Imports: Gains Through Worker Productivity -- Appendix 2B An Estimate of Labor Adjustment Costs -- Chapter 3 Uneven Gains and Unbalanced Burdens? Three Decades of American Globalization -- Uneven Gains? -- Unbalanced Burdens? -- Quo Vadis American Policy? -- Chapter 4 China The Great New Economic Challenge? -- China's Emergence in the Global Economy -- US-China Economic Relations -- Causes of the Bilateral Trade Imbalance -- China as a Technological Leapfrog -- China's Exchange Rate -- Implications for US Policy -- Chapter 5 The United States and the Large Emerging-Market Economies: Competitors or Partners? -- Summary of Recommendations -- Who Are the LEMs? -- Why Are the LEMs Important to the United States and the World -- How Should the United States Deal with the LEMs? -- Active Collaboration Between the United States and LEMs -- Budgetary Reality Check -- III The Key Issues -- Chapter 6 Sustaining Global Growth while Reducing External Imbalances -- Forces Behind the Recent Rise of the US External Deficit -- Emergence of the "Twin Deficits" During the 1980s -- Factors Behind the Strong Dollar of the Late 1990s -- Recent Developments and Future Prospects -- Sustainable Scale of External Imbalances -- General Need for Exchange Rate Adjustment.

Industrial-Country Policies to Contribute to Orderly Reduction of External Imbalances -- Key Issues for Developing Countries in the Orderly Reduction of International Imbalances -- Conclusion: Virtues of Some International Policy Cooperation -- Chapter 7 Energy: A Gathering Storm? -- Sources of Strain in Global Energy Markets -- Strains on the Oil Market: Repeating History -- Scenarios for World Oil Markets and the World Economy -- Economic Impacts of the Next Price Shock -- Moderating or Avoiding the Impending Energy Crisis -- Short-Term Measures to Address the Current Problem -- Long-Term Strategies for Addressing the Energy Problem -- Conclusion: Time Is Short and Action Is Required -- Appendix 7A The BP Prudhoe Bay Trust's Link to WTI -- Chapter 8 Confronting Current Challenges to US Trade Policy -- Domestic Trade Policy Agenda -- International Trade Agenda -- Conclusions -- Chapter 9 Offshore Outsourcing and the Globalization of US Services: Why Now, How Important, and What Policy Implications -- Globalization of Services: How New? How Different? -- How Important Is Globalization of Services for the United States? -- Globalization of Services and Jobs: The Numbers for the United States -- Globalization of IT and US Performance -- Globalization of Services: Is There No End to It? -- Responding to Global Sourcing: Maximizing Gains and Moderating the Backlash -- Final Words -- Chapter 10 Easing the Adjustment Burden on US Workers -- Trade Adjustment Assistance -- Unfinished Business -- A More Ambitious Agenda -- Recent Congressional Activity -- MFA Removal -- Legislative Opportunities -- Summary and Conclusion -- Appendix 10A Highly Import-Competing Industries, 1979-2001 -- Chapter 11 Challenges for US Immigration Policy -- Past and Current US Immigration Policy -- Profile of US Immigration -- Benefits and Costs of Immigration.

Reforming US Immigration Policy -- Chapter 12 The International Financial Architecture -- Discouraging "Beggar Thy Neighbor" Exchange Rate Policies -- Controlling Currency Mismatches in Emerging Economies -- Debt Sustainability -- International Standards and Codes -- Early Warning Systems -- IMF Lending Policies -- Concluding Remarks -- Chapter 13 Fostering Development -- Trade -- Development Assistance -- Concluding Remarks -- About the Contributors -- Index.