The Social Costs of Early Death
ECONOMICS, LABOR & BUSINESS
only major market from which Japan buys manufactured "primary"
goods such as textiles and chemicals-thus making European exports
highly vulnerable to Japan's protectionist forces; and (b) the Japanese
need for a balance-of-payments surplus to pay for their oil imports-
between 1973 and 1976, annual Japanese outlays for Middle Eastern oil
climbed $13.8 billion.
Japan's success in the competitive struggle unleashed by the oil crisis is...