Document Type

Article

Publication Date

5-2025

Abstract

Before 1980 the world was relatively closed. There were significant barriers to cross-border trade and investment in the form of tariffs and exchange controls. Martin Feldstein, former President Reagan’s chief economic adviser, coauthored an article in 1979 that showed that investment in the U.S. economy was about equal to U.S. savings, so the United States could manage without any foreign direct or portfolio investment.

Comments

Reprinted with the permission of Tax Analysts.

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