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This paper uses empirical evidence to examine the proposition advanced by economist Lawrence B. Krause that the establishment of the Common Market will seriously harm U.S. exports because "dominant suppliers" in European Economic Community (EEC) countries receive increased protection from the averaging of national tariffs. Subsequently, the results are used to reinterpret the traditional conclusions regarding the effects of tariff reductions on the domestic economy, and additional tests are offered to indicate the predominance of intraindustry-as against interindustry-specialization in trade in manufactures among the industrial countries. Upon finding that, in the case of dominant suppliers, national duties are generally lower than the common external tariff, Krause claims that "a comparison of the new EEC tariff for each commodity group with the former national tariff of the leading exporting country in intra-Community trade of each product gives the vivid impression that the new EEC tariff is much more protective than the old national tariff.

The article discusses the Euro-dollar and how it may impact the growth of monetary unions in the global marketplace and the way that money markets and integrated capital could make the balance of payments easier to adjust. Capital is often considered to be immobile in the international market but mobile in environments with only one currency, which makes it a factor that is considered when the balance of payments are adjusted. The article concludes that the countries of the European Economic Community would benefit from integrating their national currencies into the capital market, leading financial institutions to use something other than Euro-dollars for secondary reserves.

The U. S. advertiser in the Common-Market countries must beam his message through an unfamiliar and complex media structure in each of them. Even such familiar media as newspapers can fill widely divergent communication roles in the various countries. Here a publisher of media directories in several of the Common-Market countries discusses in broad outline the role, flavor, and kinds of media available to the American marketer. [ABSTRACT FROM AUTHOR]

The article presents information about the book "The Euro and the Dollar," by Robert N. McCauley. The book examines the implications of the euro for the U.S. dollar. In particular, it investigates the motives for, and implications of, shifts of funds by international portfolio managers in response to the Euro's introduction. The book considers the responses of three classes of portfolio managers, official reserve-asset managers, private asset managers, and public and private liability managers, during at least three stages of monetary union: the period before the irrevocable fixing of conversion rates between exiting European currencies and the euro; the period before the European Central Bank has consolidated its credibility; and the steady state beyond union.

This analysis of the British elite and its attitudes toward several international groupings is based on a recent public opinion survey. It is interesting to see how the elite sample was selected from the pages of Who's Who, and even more instructive to discover how this elite opinion divides on the value to Britain of membership in the Common Market, on the one hand, as compared with membership in the Commonwealth, NATO, the United Nations, and the European Free Trade Area, and the maintenance of close ties with the United States, on the other. [ABSTRACT FROM AUTHOR]

The article examines empirically the extent to which U.S. foreign trade stands to be affected by moves toward European economic integration. Because foreign trade plays a relatively unimportant role in the U.S. economy, the impact of European integration on aggregate production in the U.S. is not likely to be significant. This does not mean that no one industry will be seriously affected. But to study the impact of the Common Market on individual industries in the U.S., one would need to examine the share of foreign trade in total production or consumption of products which have been discussed in the article to be seriously affected. Studies of regional integration must usually be couched in partial equilibrium terms, and the increasing emphasis on regional unions will undoubtedly result in greater use in research of the commodity composition of trade. A free trade area, which does not require adherence to a common tariff, may not be as discriminatory against nonmember nations as a customs union. In addition to keeping the Community's tariff low in the interest of world trade, mutual concessions would help to minimize discrimination against U.S.