The structure of the world economy has changed dramatically in recent years, reflecting a redefinition of U.S. interests in light of increasing foreign penetration in U.S. markets, global pressures for protectionist policies, the emergence of the newly industrializing countries, and the vulnerabilities of the international financial system. This collection of essays addresses these and other developments facing policymakers in business, government, and labor. The authors discuss policy challenges in international trade, technological competition, exchange-rate disequilibrium, Third World debt, and the role of the private sector.