We had at home the biggest market in the world and there was a huge overhang of pent-up demand. We were not threatened by foreign competition. So the vast majority of U. S. companies were content to concentrate on the domestic market. Some made forays into selling abroad but these efforts were more opportunistic than dedicated strategically-planned invasions to establish and hold beachheads. There were exceptions, of course. The major petroleum companies like Chevron continued their historical world operations. The engineering and construction companies undertook vast works abroad and none more successfully than The Bechtel Group. The more enlightened and better managed manufacturers went international. But most stayed home. Some did very well but far too many grew fat, sloppy, slothful, and senile. None epitomizes this more than the steel industry in the U. S. The U. S. steel industry was virtually the only viable major steel industry at the end of the war. Yet not one American company established steel works abroad or even entered into joint ventures with their foreign counterparts. Even on the raw material side their efforts were not particularly impressive. In this country they rationed their output, patronized their customers, failed to install advanced technology, made injudicious labor settlements. and suddenly - but not surprisingly - found themselves unable to compete. Now their markets are invaded by more efficient foreign producers. Losses are more common than profits. I grieve for the present-day steel company managements for they inherited a problem not easily cured, and now in their understandable desperation beseech the government to provide protectionist measures. But such measures are not in the long run best interests of this country. They are expedients at best and should only be tolerated temporarily as a bargaining chip in the dickering between countries. Earlier I indicated my fervent belief in free trade as being in the best interests of people everywhere. But in the real world truly "free trade" does not exist and the buzzword for the interim goal is "fair trade." Our trading partners around the world have in various ways adopted measures designed to give them an edge - measures that limit market access, provide below market financing, or otherwise substitute "arbitrary advantage" for "comparative advantage." Nor are our hands completely clean. 5.