Prior to 1980 the United States incurred a positive trade balance, is, exporting
more goods and services than it imported. But since 1980 the United States has incurred
balance of trade deficits every year. Nonetheless, today U.S. multinational corporations receive
substantial revenues from their exports. Moreover, most have manufacturing facilities as well
as sales and distribution staffs worldwide. They stand to gain much more from the globalization
of trade than they might lose from domestic competition from foreign firms.