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The Global Economy |
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The Issue The world is interconnected by new technologies of communication and by a global marketplace that blurs the boundaries of nations. While some have profited from the new global economy, many have fallen more deeply into poverty as the gap between rich and poor continues to widen. Workers in the United States and other countries have become more vulnerable as corporations seek a cheaper workforce. Because of international trade policies, the conditions set by the World Bank and International Monetary Fund on developing countries, there has been a weakening of local communities. Many national governments are no longer able to protect the common good of their societies. World Trade Organization terms have led to U.S. job losses, lowering of wages, unsafe food, attacks on environmental and health laws and burgeoning international inequality. The global economy has also taken its toll on the environment as more resources are consumed and pollution becomes harder to regulate. The North American Free Trade Agreement (NAFTA) is an international commerical agreement among the United States, Mexico and Canada that came into force in 1994. NAFTA includes an array of new corporate investment rights and protections that are unprecedented in scope and power. NAFTA allows corporations to sue the national government of a NAFTA country in secret arbitration tribunals if they feel that a regulation or government decision affects their investment. NAFTA's investment chapter, Chapter 11, is unique because it provides for the private enforcement of these new rights and privileges outside a nation's domestic court system. NAFTA curtails governments' ability to regulate the public interest. For instance, a corporation can sue the government of a NAFTA country if the government establishes environmental policies that protect its citizens and the corporation can show that the environmental protection will hamper its profitability in that country. If you don't have Adobe Reader, you can download the latest version here. IHMs in Action
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