In this volume, David Hayward considers the issue of regional exposure to external economic events, exploring the role of trade in the performance of American states and regions. Using a shift-share model to evaluate the contribution of exports and imports in the growth of U.S. manufacturing industries, Hayward focuses specifically on the case of trade with the European Community, analyzing the potential impacts of its deepening integration on trade with individual states.

He concludes by assessing the distinct variations in states' trade experiences with the EC.