And Crime-What Is the Unemployment Connection?" by James Q
Total Page：16
File Type：pdf, Size：1020Kb
THE- WILSON QUARTERLY - 2 -AUTlpm A free market is our best protection It's hardly a secret by now that the oil industry is industry was left with massive overcapacity. undergoing a period of dramatic change. World- Are the memories of the public and some wide, crude oil availability exceeds demand, and segments of the oil industry so short as to invite a there's far more than enough refinery capacity to new round of government intervention? Surely, turn crude oil into petroleum products. Compe- they must remember all the arguments that were tition in all phases of the business is fierce, and mustered in the 1960s and '70s against the policy profit margins are razor-thin. of overriding the free market by government Against this background, a protectionist edict. The industry then was pointing out that chorus is sounding its siren song.Tariffs or some inefficient refiners were being subsidized first by other trade barriers are needed, the protection- so-called import rights and later by the enti- ists say, to protect U.S. refiners and marketers of tlements program-so much so that some oper- petroleum products.To which we say: Protection- ators went into the refining business for the pur- ist measures are a "cure" that's worse than the pose of receiving these subsidies. Precisely this disease. misallocation of capital is exacerbating today's The big problem with protectionism is that it problems. makes no economic sense, for these reasons: But painful or not, the industry is adjusting to 1The consumer ends up paying for the tariff the new market realities. Since 1980, U.S. refinery and for the misallocation of capital and labor that capacity has been reduced by about 17 percent always follows the erection of trade barriers. (19 percent in Europe) even as billions of dollars 1Encouraging, through protectionism, the have been and are being invested to upgrade construction or continued operation of inefficient most of the remaining capacity to yield the prod- or unnecessary facilities inevitably makes the ucts now in demand. nation less competitive in world markets. Despite the refinery closings, the U.S. still has 1Protectionist measures in any one nation ample capacity-about 16 million barrels a day, always encourage retaliatory actions in other which is than total product demand, nations. If America closes a door to foreign prod- including imports. Even in the event of an inter- ucts, American exporters will find foreign doors national supply disruption, America has the closed to them. capacity to refine all its domestic productionp& It is particularly ironic that some in the oil the drawdown from the Strategic Petroleum Re- industry are looking to government to solve their serve, and still have as much as 3 million barrels a problems. If a decade of federal controls of vari- day of capacity in reserve. ous types hadn't preempted the free market, the Given the reality of an industry making the current industry rationalization would almost transition to a changed marketplace-and the certainly have occurred less traumatically over fact that product imports pose no real threat to the years. national security in the event of a supply disrup- In the 1960s and370s,substantial refinery ca- tion-the arguments of those who favor protec- pacity was constructed in expectation of ever- tionism hardly seem to make sense. rising demand. In the mid-'70s price controls in Trade barriers aren't needed by the petroleum the U.S.(thatdidn't end until1981) kept consumer industry. They're bad economics. They drive up prices artificially low, and further stimulated the prices paid by the American consumer. And, demand. When demand dropped sharply in the in the long run, they only worsen the problems 1980s after the price of crude oil had soared, the they're supposed to solve. 11985 Mobil Corporation This remarkable collection of first-hand accounts portrays Jerusalem as it appeared through the centuries to a fascinating variety of Jews, Christians, Muslims, and secularists, from pilgrim to warrior to merchant. F. E. Peters skillfully unites these moving eyewitness statements by an immensely readable narrative commentary. Adding more than sixty illustrations (eight pages in full color), he creates a continuous history of the center of three faiths-holy but bitterly contested ground. The book also includes extensive notes and bibliographical information re- flecting the most up-to-date research on the city. F. E. PETERS The Holy City in the Eyes of Chroniclers, Visitors, Pilgrims, and phets from the Days of Abraham to the Begi ngs of Modern Times "A R WHAT UST NEVE N AGAIN." -CARL SAGAN A PLACE CALLED HIROSHIMA By BETTY JEAN UFTON Photographs by EIKOH HOSOE On August 6, 1945, the first atom bomb was exploded over Japan. As the forteith anniversary of the fateful event approaches, more and more world attention is being fo- cused on what that day meant to mankind. This book graphically shows in photos and interviews made in 1967 and 1984, the effects of the bombing on the city and its people. It illustrates the monuments erected in mem- ory of the event and tells us what happened to the sur- vivors and their families. 152 pages; 84 blw photos; $18:95 (plusS2.25 postage and handling) THE BELLS OF NAGASAKI JAPAN'S LONGEST DAY By TAKASHI NAGN By PACIFIC WAR RESEARCH SOCIETY Translated by William Johnston, S.J. This is a detailed account of August 14, ' . his story is both historically and 1945-the day before Japan surrendered- medically important. one of very few by based on eyewitness testimony of the 79 a trained scientific observer. his book is men involved in the decision to surrender. not a simple antiwar work. instead, it is "Few contemporary books give one such an a clinically insightful but moving human insight into the traditions and values of document." -Library Journal prewar Japan, particularly regarding the "It is a work that embodies the passionate position of the Emperior." desire for peace that all hibakusha share; -Saturday Review one we cannot understand because we do 340 pages; 117 blw plates; not know war as they do." $5.25 pb (plus $1.75 postage and handling) -The Catholic Worker 118 pages; 13 b/w photographs; FROM A RUNIED EMPIRE $14.95 (plus $2.25 postage and handling) Letters-Japan, China, Korea: 1945-46 Edited by OTIS CARY THE DAY MAN LOST "Unusually interesting letters from . Hiroshima, 6 August 1945 American specialists on the Far East who By PACIFIC WAR RESEARCH SOCIETY served in Japan and China shortly after the "Here research has been deep and origi- end of World War 11. They discuss with nal, and the result. always remains sensitivity and candor . the contradic- moving because the authors have not for- tory behavior of war correspondents, atti- "eotten this is a human storv that must be tudes toward General MacArthur, war visualized on human terms." atrocities . and occupation of Japan." -John Toland -Publishers Weekly 312 pages; 66 b/w plates; 322 pages; $5.25 pb (plus $1.75 postage and handling) $5.95 pb (plus $1.75 postage and handling) AVAILABLE AT BOOKSTORES KODANSHA INTERNATIONAL OR FROM: 10 EAST 53rd STREET, NEW YORK NY 10022 1 Based on the US Military "Speed-up" Method of Language Learning 1 Programmed for Rapid Learning! It's been scientifically proven that we remember words we hear better than words we see. That's why you'll find the two audiocassettes in each Language/30 package more useful than all the language books money can buy. Just start listening to the tapes, repeat the foreign phrases a few times and, believe it or not, you'll begin speaking like a native. It's that simple! Remember, Language/30 is a learning tool that works. It incorporates the "speed-up" method of language learning-the same method used to train U.S. government per- sonnel who work overseas. With Language/30, you can practice your target language anytime, anywhere. You won't have to set aside hours just for language study. You can listen to Language/30 while you're getting dressed, eating, driving to work, or even jogging. Whether you're studying French, RusSian, Swahili, or any of the other 23 ian- guages listed below, you'll improve your Each PrOgm speaking fluency and listening comprehension with lw045'm' each time you play the Language/30 tapes, phrase in a compact, 6"x7" waterproof vinyl case. Introduced by Language Expert Charles Berlitz. Each Language/30 program features native Which of the 26 languages voices speaking the most important and com- monly used conversational phrases. you'll would YOU like to speak? learn all the words you need to know for greetings, introductions, requests, and general 1232628. Arabic 1232719. Indonesian 1232792. Serbo-Croatian conversations in hotels, restaurants, stores, 1232636. Chinese 1232727. Italian 1232800. Spanish theaters, and Other places. And each cassette 1232644. Danish 1232735. Japanese 1232818. Swahili is introduced by world-renowned linguist Charles Berlitz, who explains the social 1232651. Dutch 1232743. Korean 1232826. Swedish customs and etiquette of the country. 1232669. French 1232750. Norwegian 1232834. Tagalog (Fillpino) So, you'le going abroad for a 1232677. German 1232768. Persian 1232842. Turkish trip or an extended stay, you'U find that the fluency gained from Language/30 will 1232685. Greek 1300375. Polish 1232859. Vietnamese make your visit easier, more pleasant, and 1232693. Hebrew 1232776. Portuguese 1232867. English For more enriching. Instead of being a "stranger in a strange land"ou'l1 be able to converse 1232701. ~i,,di 1232784. ~~~~i~~ Spanish Speakers freely with the natives in their own language. ONLY I w Check one I & 0 Check or money order enclosed BOOKSTORES 0 Please charge this lo OVisa OMasterCard DAm Ex I I ACCI @ EXP______ 1 Hem f 10iyl Price IShip &lnseaI Toial I I 1 $1.00 1 Signature 1 I I I -ti nn I SHIP TO: ONE..