HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » After 20 Years, NAFTA Lea...

Sat Jan 11, 2014, 11:17 PM

After 20 Years, NAFTA Leaves Mexico’s Economy in Ruins [View all]


from truthdig:


After 20 Years, NAFTA Leaves Mexico’s Economy in Ruins

Posted on Jan 9, 2014
By Sonali Kolhatkar


Twenty years ago, on Jan. 1, 1994, a trade deal championed by Democratic President Bill Clinton went into effect. The North American Free Trade Agreement was meant to integrate the economies of the United States, Canada and Mexico by breaking down trade barriers among them, creating jobs and closing the wage gap between the U.S. and Mexico.

What in fact happened under NAFTA was that heavily subsidized U.S. corn flooded the Mexican market, putting millions of farmers out of work. Multinational corporations opened up factories creating low-wage jobs at the expense of organized labor and the environment. This, in turn, drove waves of migration north.

Meanwhile, corporate profits soared, and Mexico boasted the richest man in the world, Carlos Slim. Walmart and Krispy Kreme conquered Mexico, and ordinary Mexicans had access to the same consumer goods as their neighbors to the north. The economies of all three nations, measured only by GDP rather than jobs or wages, were pronounced grand successes, even though the U.S. and Canada disproportionately reaped more financial benefits.

Meanwhile, in the U.S., manufacturing jobs fell dramatically and organized labor lost even more clout. The Great Recession of 2008 worsened the downward trend, especially for Mexicans. Mexico’s economy, tied intimately to the U.S.’ because of NAFTA, suffered more than any other country in Latin America. .........................(more)

The complete piece is at: http://www.truthdig.com/report/item/after_20_years_nafta_leaves_mexicos_economy_in_ruins_20140109



31 replies, 10608 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 31 replies Author Time Post
Reply After 20 Years, NAFTA Leaves Mexico’s Economy in Ruins [View all]
marmar Jan 2014 OP
jsr Jan 2014 #1
Baitball Blogger Jan 2014 #7
Enthusiast Jan 2014 #17
abelenkpe Jan 2014 #2
R. Daneel Olivaw Jan 2014 #11
X_Digger Jan 2014 #3
L0oniX Jan 2014 #23
Fumesucker Jan 2014 #4
democratisphere Jan 2014 #5
Barack_America Jan 2014 #6
doc03 Jan 2014 #8
El_Johns Jan 2014 #13
doc03 Jan 2014 #25
El_Johns Jan 2014 #26
doc03 Jan 2014 #28
El_Johns Jan 2014 #31
L0oniX Jan 2014 #24
Nye Bevan Jan 2014 #9
TheKentuckian Jan 2014 #20
indie9197 Jan 2014 #10
solarhydrocan Jan 2014 #12
TL_dem68 Jan 2014 #21
flamingdem Jan 2014 #14
octoberlib Jan 2014 #15
Luminous Animal Jan 2014 #16
Enthusiast Jan 2014 #18
Name removed Jan 2014 #19
L0oniX Jan 2014 #22
IDemo Jan 2014 #27
El_Johns Jan 2014 #29
treestar Jan 2014 #30