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516 Annals Am. Acad. Pol. & Soc. Sci. 8 (1991)

handle is hein.cow/anamacp0516 and id is 1 raw text is: PREFACE Foreign investment in the United States has captured the attention of the American media and public in recent years. Although the subject appeared to burst upon the public consciousness during the 1980s, such investment, which has many implications for the U.S. economy, is not new. The articles in this is- sue of The Annals place foreign investment in a number of contexts important to understanding what that investment is and how it affects the United States. The first four articles concern the history and nature of foreign investment in the United States. Mira Wilkins discusses the role of foreign investment in the U.S. economy prior to 1914. Robert Eisner and Paul J. Pieper address prob- lems with the measurement of both U.S. investment abroad and foreign in- vestment in the United States together with some of the possible costs of that investment. William A. Niskanen examines the reasons that the nation, which had been a major net exporter of capital for several decades, became a net cap- ital importer during the 1980s. Edward John Ray notes the sources and the in- dustrial and geographic distribution of foreign direct investment in the United States and analyzes the economic factors that determine that distribution. William Helkie and Lois Stekler use an econometric model to simulate the macroeconomic effects that restricting foreign investment would have had on the U.S. economy during the late 1980s. The next three essays, by Robert E. Lipsey, Dominick Salvatore, and Martin J. Bailey and George S. Tavlas, consider, respectively, the relationship between foreign investment in the United States, on one hand, and the na- tion's foreign trade, its commercial policy-the extent to which tariffs and quantitative restraints are used to limit imports-and the exchange rate of the dollar, on the other. Michael Ulan analyzes the economic arguments offered by opponents and supporters of administrative restrictions on foreign investment, and Edward M. Graham discusses the real and imagined dangers of increased foreign investment in the United States. Leroy O. Laney reviews the rules and laws governing foreign investment in the United States and their economic effects. Vito Tanzi and Isaias Coelho compare the legal restrictions on foreign investment in the United States with those imposed in other nations. Finally, Rachel McCulloch analyzes invest- ment in the United States as it is viewed by foreigners. E. Dwight Phaup of Union College was to contribute to this volume an article concerning the relationship between the net flow of foreign investment to the United States and the role of the dollar in the international monetary system. Professor Phaup passed away in September 1990, before finishing his article; those who knew Dwight miss a colleague and a friend. MICHAEL ULAN 8

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