Voluntary export restraints provide for rich interplay between
economics and politics. Let's look at two examples. In the first,
the United States forced one key exporter, Japan, to limit its
exports of automobiles. In the second, a small VER, again between
the United States and Japan, grew to become a wide-ranging set of
export limits that covered many textile and clothing products,
involved many countries, and lasted for decades.
TEXTILES AND CLOTHING: A MONSTER
In 1955, a monster was born....