Neal, Alfred C.
July 1967
Foreign Affairs;Jul67, Vol. 45 Issue 4, p694
Academic Journal
This article discusses whether the economic connections and conflicts in the Atlantic are moving the nations of the area toward a coherent community. In the Atlantic Policy Studies conducted during the past three years by the Council on Foreign Relations four books with a predominantly economic content are being published. The authors and subjects of these books are, in order of publication: John 0. Coppock on agriculture, John Pincus on less developed countries, Bela Balassa on trade liberalization among industrial countries and Richard N. Cooper on international monetary affairs. In approaching the question of economic interdependence versus conflict in the Atlantic area, it is essential to recognize a reality the authors underemphasize - that there is an economic counterpart to the protection of the nuclear umbrella enjoyed by the Europeans. The American nuclear umbrella permits European states to follow independent and sometimes irresponsible foreign policies. By assuming the main economic burden of defense as well as the main burden of maintaining monetary stability, the U.S. also permits the Europeans a greater degree of independence in monetary and fiscal policies than they would have if they were carrying comparable burdens.


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