Somebody E-mail Adam Smith.

The author shares his views on U.S. trade deficit as of February 1994. He finds the 60 billion dollar trade deficit with Japan to be meaningless as it does not count trade in services. He rues that many elected politicians do not understand that technology-enabled trade has not only created a global market but also a worldwide information network that made division of labor possible in all levels of production. He warns about sovereign states jealously guarding their power to control commerce.