Unit 4 IP Banking, Monies
Noah Klaman
Prof. Victor Malo (ECON315)
Sanford-Brown Online
Differences: Monetary Union, Customs Union, Common Market A monetary union consists of two or more countries that use the same currency or different currencies but each have the same fixed exchange rate. These countries may share the same currency but this does not mean there is any further integration of the countries. The Euro system is an example of this. A customs union is an agreement that lifts trade barriers between two or more agreeing countries. These are usually neighboring countries. Removing trade barriers allows the countries to eliminate or reduce customs duties by agreeing on mutual trade between the countries. Although if …show more content…
While performing my research the only positive things I could find on NAFTA was on the Office of the United States Trade Representative web page. I then searched for pros and cons of NAFTA and came across an article that listed some but also didn’t really provide much that makes the FTAA seem like a plan that would benefit the countries as a whole and rather would make some successful and others not so much. Some pros to NAFTA were it created jobs for U.S. workers, it increased industrial integration between the U.S. and Mexico, Increased trade between U.S., Mexico, and Canada, All three had wage increases, and it decreased …show more content…
I feel this would make for even harsher living conditions and not benefit the countries that are poor to begin with. I think it would possibly make things worse off for these countries. Citizenstrade.org states “with the FTAA, exploited workers in Mexico would be forced to ‘compete’ with even more desperate workers in Haiti, Bolivia or Guatemala, as multinational corporations move in and out of the region with ease. This “race to the bottom” would also be mirrored for small farmers throughout the hemisphere as the devastating effects of NAFTA on commodity prices and concentration are amplified.”(n.d.) I do not think there would be a large enough benefit to establish the FTAA. I feel people will lose out more than gain from it. Especially those from the U.S. and Canada.
References
Citizenstrade.org. (n.d.) The Free Trade Area of the Americas(FTAA) Retrieved from
Noah Klaman
Prof. Victor Malo (ECON315)
Sanford-Brown Online
Differences: Monetary Union, Customs Union, Common Market A monetary union consists of two or more countries that use the same currency or different currencies but each have the same fixed exchange rate. These countries may share the same currency but this does not mean there is any further integration of the countries. The Euro system is an example of this. A customs union is an agreement that lifts trade barriers between two or more agreeing countries. These are usually neighboring countries. Removing trade barriers allows the countries to eliminate or reduce customs duties by agreeing on mutual trade between the countries. Although if …show more content…
While performing my research the only positive things I could find on NAFTA was on the Office of the United States Trade Representative web page. I then searched for pros and cons of NAFTA and came across an article that listed some but also didn’t really provide much that makes the FTAA seem like a plan that would benefit the countries as a whole and rather would make some successful and others not so much. Some pros to NAFTA were it created jobs for U.S. workers, it increased industrial integration between the U.S. and Mexico, Increased trade between U.S., Mexico, and Canada, All three had wage increases, and it decreased …show more content…
I feel this would make for even harsher living conditions and not benefit the countries that are poor to begin with. I think it would possibly make things worse off for these countries. Citizenstrade.org states “with the FTAA, exploited workers in Mexico would be forced to ‘compete’ with even more desperate workers in Haiti, Bolivia or Guatemala, as multinational corporations move in and out of the region with ease. This “race to the bottom” would also be mirrored for small farmers throughout the hemisphere as the devastating effects of NAFTA on commodity prices and concentration are amplified.”(n.d.) I do not think there would be a large enough benefit to establish the FTAA. I feel people will lose out more than gain from it. Especially those from the U.S. and Canada.
References
Citizenstrade.org. (n.d.) The Free Trade Area of the Americas(FTAA) Retrieved from