The North American Free Trade Agreement and the European Union

The North American Free Trade Agreement and the European Union

The North American Free Trade Agreement and the European Union

The North American Free Trade Agreement and the European Union

Synopsis

In this timely volume, the ongoing, dramatic economic and geopolitical changes in NAFTA and the European Union are examined. Gianaris pays particular attention to the potential for stronger economic cooperation between North America and Western Europe. This unique book deals with similarities in economic organizations and related fiscal and monetary policies as they affect trade and financial transactions between these regions, and provides a detailed examination of trade and investment relations, capital flows, and currency realignments as well as transatlantic joint ventures. In addition, it deals with problems of privatization, employee participation, closer integration, and the challenge of enlarging NAFTA to include other Latin American countries and the European Union to include Eastern Europe.

Excerpt

Young America and aging Europe have had strong historical, economic, and sociocultural ties. From colonial times to their independence and gradual expansion and growth, the North American Free Trade Agreement (NAFTA) countries (Canada, Mexico, and the United States) maintained strong links with mother Europe through immigration, trade, and investment. Such links became stronger after World War ii and remain strong today, especially on matters of capital formation, technological dissemination, and financial transactions.

The nafta and the European Union (EU) economies have great similarities in the relationship of the private and the public sectors, the degree of industrialization, and the elated fiscal and monetary policies. Such similarities, particularly in business regulations and taxation and market competition, make mutual trade and investment, as well as joint ventures and acquisitions, attractive and profitable on both sides of the Atlantic.

Present trends toward stronger economic cooperation of the Western Hemisphere and a united Europe are presenting new problems of worldwide dimensions. the immediate problem for the nafta countries, particularly the United States, is the impact of the continent-size market of the European Union on their economies. the expansion of markets for goods and capital and greater liberalization of the economies of the nafta and eu countries will create challenges and opportunities from the standpoint of capital investment, international trade, and economic growth. However, as the nafta and the eu eliminate internal barriers and move toward closer economic and political integration, the question is whether these blocs will turn to inwardlooking groups or markets more open to the rest of the world.

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