International business: NAFTA, the North American Free Trade Agreement.
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NAFTA, the North American Free Trade Agreement
The North American Free Trade Agreement was an inevitable step in the evolution of the United States economic policy. The globalization of the world economy due to technological advances in computers and communications has shrunk the world to the point where no single country acting alone can effectively compete on the foreign market. Even the United States, with its vast resources, can not have an absolute advantage in all things that it produces. It does not have unlimited factors of endowments and must do its best to make these…
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