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As the globalization of economic production reshapes domestic economic activity and redefines the substance of international politics, the importance of international economic policy is becoming more widely appreciated. This book is a revised and updated edition of the definitive study of the decision-making process in all sectors-trade, finance, development, and energy-of U.S. international economic policy. Students and practitioners of economics and political science will find it invaluable in understanding how process affects substance in some of the most far-reaching policies being made in Washington.
Straddling two of the nation's highest priorities-economic prosperity and national security-international economic policy necessitates continuous trade-offs from conflicting perspectives, making organization and procedure inherently significant determinants of a critically important policy. Opening with an explanation of the complex nature of the policy and its importance in political and economic terms, the book then examines the identities, responsibilities, attitudes, constituents, and institutional cultures of the executive branch, Congress, and interest groups involved in the formulation and conduct of policy. After considering the hardware of policymaking, the volume examines the major theories and decision-making models. It then focuses on the delicate relationship between the administration and Congress, illustrated by three case studies. In conclusion, the work assesses the strengths and weaknesses of the current policymaking process and offers recommendations for improvement.
List of contents
Foreword by Paul Volcker
Introduction
The Unique Nature of International Economic PolicyThe Content of International Economic Policy
The Importance of International Economic Policy
The Policymaking Machinery: The Government and The Private SectorThe Executive Branch
The Coordination of International Economic Policy
The Congress and the Judicial Branch
The Private Sector: Interest Groups and Lobbying
Executive Branch Decision-Making: Theories and ModelsTheories on How U.S. International Economic Policy Is Formulated
The Many Models of Executive Branch Decision-Making
Congressional-Executive Relations: The Uneasy PartnershipThe Inter-Branch Model of Decision-Making in Concept and Practice
The System Responds to Exchange Rate and Trade Balance Disequilibria, 1985-1986
The Merging of Domestic and International Economic Policies: The Competitiveness/Industrial Policy Debate
The Non-Making of International Economic Policy: The Process in Paralysis, 1996-20??
PrescriptionA Critique of Existing Organization
Proposals for Organizational and Procedural Changes
Index
About the author
STEPHEN D. COHEN is Professor of International Relations at American University's School of International Service. He is author of An Ocean Apart: Explaining Three Decades of U.S.-Japanese Trade Frictions (Praeger, 1998) and coauthor of Fundamentals of U.S. Foreign Trade Policy: Economics, Politics, Laws, and Issues (1996).
