In the unfolding drama of events that will constitute the historically memorable part of 1947, the United Nations and the atom bomb will share star billing with an oftentimes dull, always undramatic intruder--the economic policy of the United States of America.

This nation's responsibilities do not stop at its frontiers. When and if the United States settles its labor-management squabbles, levels off its price fluctuations, and begins to enjoy the as yet unrealized fruits of peace and full employment, it will face the even more important problem of promating healthy, economic conditions in other countries.

Of the great powers only the United States emerged from the war with its industrial plant not only uncrippled but expanded. The quickest and easiest way for other countries to replace their destroyed equipment is to make purchases in the United States. But it is an elementary principle of international trade that a nation must sell goods in order to be able to buy them. If American markets are closed to foreign countries, they will have no recourse but to withdraw into economic isolation, adopt a system of strict controls, and wage a cutthroat fight to control certain export markets. The frictions arising from this condition might well provide the spark for another war.

This is no place to revive the entire 'protection vs. free trade' argument. It is sufficient to point to the obvious, recognized even by Time magazine--that if the world is to achieve its reconstruction as quickly and painlessly as possible, the United States must, in 1947, offer foreign goods at least a reasonably attractive market.

As Mr. Byrnes said in his recent Cleveland speech, prosperity, like freedom, must be shared, not on the basis of handouts, but of fair and honest exchange of the products of the labors of free men and women. Prosperity can be the United States' chief export in 1947.