Published by:
Harvard Business Publishing
Length: 13 pages
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Abstract
The competitiveness debate that today focuses on America''s industrial performance will soon confront the same kind of market erosion in banking and brokerage. The likely outcome is fiscal and political gridlock, leading the U.S. to ignore its traditional commitment to free trade and embrace a global financial system based on "managed trade" - an ad hoc, results-oriented process that uses targeted protection, corporate self- restraint, and moral persuasion by the Federal Reserve and Japan''s Ministry of Finance to set new political rules for financial competition.
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Abstract
The competitiveness debate that today focuses on America''s industrial performance will soon confront the same kind of market erosion in banking and brokerage. The likely outcome is fiscal and political gridlock, leading the U.S. to ignore its traditional commitment to free trade and embrace a global financial system based on "managed trade" - an ad hoc, results-oriented process that uses targeted protection, corporate self- restraint, and moral persuasion by the Federal Reserve and Japan''s Ministry of Finance to set new political rules for financial competition.