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79 Pol. Sci. Q. 1 (1964)

handle is hein.journals/pclscceqry79 and id is 1 raw text is: Volume LXXIX POLITICAL SCIENCE QUARTERLY THE UNITED STATES INTERNATIONAL- PAYMENTS DEFICIT: DILEMMAS AND SOLUTIONS * I IN RECENT years very substantial advances have been made in the general theory of international-payments ad- justments, especially with respect to the effects of changes in the foreign exchange rates. But it is often diffi- cult to pass directly from the broad conclusions which these various analyses suggest to the formulation of specific policies that are likely to prove both relevant and acceptable in par- ticular concrete situations. The difficulties may arise from either of two main sources. One is the fact that nations are usually trying to achieve a number of different economic and political objectives simultaneously, even though these objectives may not all really be mutually consistent. The second is the fact that both the theoretical analyses and the practical conclusions which can be drawn from them some- times require assumptions that may be unrealistic in specific real-world situations, and that may hence impair or even completely destroy the applicability of the analyses and con- clusions themselves. The problems raised by the recent position of the balance of international payments of the United States, and by the remedies that have thus far been tried or proposed, provide striking illustrations of some of these difficulties. The dangers in the U.S. payments position are familiar to The present paper is an extensive revision and expansion of my article, printed in Italian with an equivalent title, published in the Rivista Inter- nazionale di Scienze Economiche e Commerciali for January 1964. I am indebted to Professor Tullio Bagiotti, editor of the Rivista, for permission to publish this revision. March 1964 Number 1 I

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