Monday, October 6, 2003
Third World Economic Aid — A Fair, Workable Solution
Christmas 1994 in Mexico could have been better. In less than a week the Mexican peso lost over one third of its value. It went something like this. With NAFTA in place, trade barriers between Mexico and the United States substantially disappeared. Mexican citizens went on a foreign products buying binge that upset Mexico’s balance of trade to the tune of nearly eight percent of its gross national product. By comparison, at its most negative, the U.S. trade deficit never exceeded about 3.2...
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