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1、外文翻译原文InternationalCompetitionintheProductsofU.S.BasicIndustriesMaterialSource:http://www.nber.org/chapters/c6214Author:BarryEichengreenCapitalism,asJosephSchumpeterdefinedit,isaprocessofcreativedestruction.Inamarketeconomy,oneshouldexpectnewproducts,processes,andevenproducerstosupplanttheirpredeces
2、sorsinthenormalcourseofevents.YetSchumpeter’smetaphorprovideslittlecomforttoemployeesandshareholdersofbasicindustriesintheUnitedStates,allofwhicharesufferingtheeffectsofforeigncompetition.TheAmericansteelindustryisthemostdramaticcaseinpoint:between1979and1985,thenumberofwageemployeestheredeclinedfro
3、m342,000to151,000,whilethepercentagerateofreturnonstockholders’equityfellfrom5.8to-18.5(AmericanIronandSteelInstitute1986).Recenttrendsintheautomobile,textile,andapparelindustries,whilesomewhatlessalarming,similarlyconveyanimpressionofU.S.basicindustriesinsteadyandperhapsirreversibledecline.Inthispa
4、per,IfirstdocumentthedramaticfallinthesharesofU.S.basicindustriesindomesticemploymentandglobalproduction.Ithenconsiderexplanationsfortheseindustries’relative-and,insomeinstances,absolute-decline.Thoseexplanationsfallintotwocategories:domesticandinternational.Domesticexplanationsfocusonthedecisionsof
5、threesetsofactors:management,labor,andgovernment.Managementisblamedforill-adviseddecisions(O’Boyle1983),laborforhighwagecosts(Kreinin1984),governmentforharmfultax,trade,andmacroeconomicpolicies(BluestoneandHarrison1982).Internationalexplanationsfocusonthetendencyoftheproductcycletocontinuallyshiftth
6、eproductionofestablishedproductsandstandardizedprocessestonewlyindustrializingcountries(duetowhatAlexanderGerschenkroncalled,innowunfashionableparlance,theadvantagesof“economicbackwardness”).’Lateindustrializers,itisargued,whilelackingtheinfrastructuretobeintheforefrontofinnovation,havetheadvantageo
7、flowlaborandmaterialcostswhenitcomestotheproductionofestablishedgoodsusingstandardizedtechnologies.TheproblemthatplaguesthissearchforculpritsshouldbefamiliartofansoftheboardgameClue.AsinClue,theproble
