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The Global Competitiveness of the U.S. Food-Processing Industry

Published online by Cambridge University Press:  10 May 2017

Michael R. Reed  and
Mary A. Marchant
Michael R. Reed
Affiliation:
Agricultural Economics at the University of Kentucky
Mary A. Marchant
Affiliation:
Agricultural Economics at the University of Kentucky
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Extract

Before the 1970s, the U.S. economy was so large relative to the rest of the world that few American economists worried about the international sector and its relation to the U.S. economy. That view has changed dramatically in the past two decades. Total U.S. trade has increased from only $83 billion in 1970 to $866 billion in 1990, averaging a 12.4% increase each year. Exports accounted for less than 4% of U.S. gross national product (GNP) in the 1950s and 1960s, but now exports account for about 6% of U.S. GNP. These changes have radical implications for U.S. firms and government policies. The U.S. can no longer disregard economic occurrences in the rest of the world.

Type
The Changing Composition of the Agricultural Industry
Information
Northeastern Journal of Agricultural and Resource Economics , Volume 21 , Issue 1 , April 1992 , pp. 61 - 70
Copyright
Copyright © 1992 Northeastern Agricultural and Resource Economics Association 

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