Globalisation
In the past few years, one of the most controversial economic issues has been global free trade. The proponents claim that nations engaged in open trade would experience a great deal of economic growth. Opponents think that giving foreign countries unrestricted access to American markets will cause a decrease in the number of American jobs, and will pose a threat to American sovereignty. It is the opinion of this writer that the latter is correct. The problem with global free trade is really fourfold. The first and foremost problem with such measures is, as stated above, the threat posed to American sovereignty. All free trade agreements set up international bureaucracies to govern the participants; to ensure that all parties comply with the terms of the agreement. Vice President Gore tried to allay the concerns of the opponents of GATT by claiming that the World Trade Organization would hold no authority over the U.S. He claimed that we would only be bound by those rules which we agree to and no others. However, in his very next breath, he claimed that other countries could be forced to comply with their "international trade obligations" (Gore). Clearly, this is a c
For an example of the latter, one needs look no further than NAFTA. In passing that pact, we were assured that Mexico was an strong and growing economy; a great place to invest. Unfortunately, one year after NAFTA was passed, it was revealed to the American public that the Mexican government's dollar reserves were almost depleted and the Zedillo administration was allowing the peso to float. What is truly tragic about this turn of events, is that on March 24, 1993, H. Ross Perot warned that Mexico would have to devalue the peso, but no one listened (Buchanan, NAFTA). „h "Republicans Default On NAFTA Fight" Human Events, Eagle Publishing, Washington, D.C., 20 Nov, 1993, p 1. „h Buchanan, Patrick J. "NAFTA Chickens Come Home to Roost". The Conservative Cronicle, Hampton Publishing, Washington, D.C., 18 Jan 1995, p 9. „h "How Can Gingrich Support the WTO?" Human Events, Eagle Publishing, Washington, D.C., 2 Dec, 1994, p 3. „h Vice-President Gore, Albert. "Weekly Radio Address". Washington, D.C., 18 Nov, 1994. The second problem deals with the market size. How does the size of the market in the U.S. compare with that of our new trading partners? The United States has the world's largest economy; only a handful of countries can even come close to the level of America's economy. The U.S. has traded away access to her markets in exchange for access to foreign markets, many of which are too small to bother with, or too unstable to be a safe investment.
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Approximate Word count = 1126
Approximate Pages = 5 (250 words per page double spaced)
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