Social And Economic Sides Of Trans Pacific Partnership Agreement

1043 Words May 9th, 2016 null Page
In order to analyze social and economic sides of Trans-Pacific Partnership Agreement, it is important to review details on this new free trade agreement (FTA). First of all, according Encyclopædia Britannica, free trade is “a policy by which a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports)” (“Free Trade” 1). The idea of free trade first appeared in 1776, when Adam Smith, an economist, claimed the benefit of free trade in his book called The Wealth of Nations (Irwin 1). During the Great Depression, most of the nations went into the protectionism, which is the trade policy to place high tariffs on export to enhance the domestic industries. In order to override protectionism and promote active trade, many nations including the U.S. started to adopt the free trade policy during mid-20th century. Currently, the U.S. is allowing free trade between 20 countries. One of the major FTAs is the North American Free Trade Agreement (NAFTA) between Mexico and Canada, enforced in 1994. This trading policy triggered nationwide debate about whether the U.S. should join the world trend of free trade globalism.
One of the side in the debate supports, mainly composed of business leaders and lawmakers in favor of free trade, claimed that NAFTA would increase the manufacturing output and would also provide people a lot of jobs as the corporations get bigger and stronger (“Nike Saying” 1). According to Steve…

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