Discrete mathematics and statistics
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Hi,I need step by step solutions for all the questions in the attached file.Thanks
For this week’s discussion, I chose to focus on and describe some of NAFTA’s overall impacts on the U.S., Canadian, and/or Mexican economies.
In 1994, NAFTA, which stands for North American Free Trade Agreement, created the world’s largest tariff-free zone, allowing for free trade between the three countries and modernizing Mexico’s economy in the process. While we are now at the end of the NAFTA era, it is clear that the former free trade agreement boosted not only the global economy, but Mexico’s economy in particular (Stanley, 2020).
Each of the North American countries had their own rationale for entering and supporting NAFTA but for Mexico, the trade agreement served as a driver to modernize its economy. Prior to the 90’s, Mexico’s policies embodied protectionist measures to promote local economy. This strategy put the country’s economy in peril during the Latin Debt crisis and caused Mexico to borrow heavily and in the early 80’s was $80M in foreign debt. As a result, in the early 90’s, the president of Mexico, faced with an inability to repay its foreign debt, began to embrace free trade, partially in exchange for debt forgiveness, and also to boost economic growth. Economic growth blossomed as Mexican products benefitted from a lack of trade barriers (Stanley, 2020).
Free trade enabled by the NAFTA agreement had a particularly impressive impact on Mexico’s auto industry. Post the signing of NAFTA, the auto industry in Mexico had the following upsides:
Vehicle production tripled
Vehicle exports soared to 4x historical volumes
Employment in the auto industry reached near a million employees
The growth in this industry drew foreign investment as well as a record number of auto manufacturers then built production plants in Mexico, which led to substantial jobs for the Mexico citizens. As a result, the auto industry is positioned to be the largest within Mexico and primarily driven by NAFTA.
It is worthy to note that NAFTA was not a one-sided benefit to Mexico only. According to an article at Wharton, over six million U.S. jobs depend on trade with Mexico, a flow that has been greatly facilitated by NAFTA, which has helped eliminate costly tariff and non-tariff barriers. NAFTA has also facilitated a multi-layered integration of the U.S., Mexican and Canadian supply chains. According to the Wilson Center, twenty-five cents out of every dollar of goods that are imported from Canada to the U.S. is actually “Made in USA” content, as are 40 cents out of every dollar for goods imported into the U.S. from Mexico. The NAFTA agreement has had a material impact on US jobs, estimating that some 14 million jobs rely on trade with Canada and Mexico combined, and the nearly 200,000 export-related jobs created annually by NAFTA pay an average salary of 15% to 20% more than the jobs that were lost, according to a PIIE study. Furthermore, the study found that only about 15,000 jobs on net are lost each year due to NAFTA (Wharton, 2016).
Many critics cite job losses in the US but on the whole the NAFTA free trade agreement certainly benefited not only the US economy but also in particular raised the profile of the Mexico economy, particularly with respect to its export levels, as evidenced by the growth in their auto industry.
References:
Stanley, S. (2020), NAPS, Benefits of NAFTA: How NAFTA Has Elevated Mexico’s Economic Health and Status, Retrieved from: https://napsintl.com/mexico-manufacturing-news/how-nafta-has-elevated-mexicos-economic-health-and-status/ (Links to an external site.)
Knowledge@Wharton, (2016), Wharton, NAFTA’s Impact on the U.S. Economy: What Are the Facts?, Retrieved from: https://knowledge.wharton.upenn.edu/article/naftas-impact-u-s-economy-facts/
The North American Free Trade Agreement (NAFTA) became effective on January 2, 1993. The agreement eliminated most trade barriers between the United States, Canada and Mexico with provisions implemented over the subsequent 15 years. NAFTA is an extremely complicated agreement.
NAFTA’s immediate goal was to increasing trade and spur economic growth. Most economist would agree that a trilateral real increase of more than 125.2% seen when comparing 1993 to 2015 is attributed at least partly to NAFTA. Figure 1 below shows the increase by country. (Floyd, 2020)
Figure 1 (Floyd, 2020)
Simply looking at economic growth is easy. However, the NATFA agreement is far more complicated. Looking at Economic Growth in terms of GDP “From 1993 to 2015, the U.S.’s real per-capita gross domestic product (GDP) grew 39.3% to $51,638 (2010 USD) . Canada’s per-capita GDP grew 40.3% to $50,001, and Mexico’s grew 24.1% to $9,511.” (Floyd, 2020). Mexico has had the smallest growth, or so it seems. Meixco’s GDP growth may be below the US and Canada however when examining the trade balance you will find that since NAFTA’s inception Mexico has “sold more than $72B more to the US than it bought” (Floyd, 2020). These two ways of examining NAFTA’s effects leaves it unclear its success.
Critics of NAFTA said that jobs would be lost to Mexico. However, “at 4.1% in December 2017, the unemployment rate is lower than it was at the end of 1993. (6.5%)” (Floyd, 2020). It is difficult to draw a direct link between unemployment and the NAFTA agreement. Many factors are at play driving labor. The specialization and leveraging of comparative advantage changes the landscape of economic sectors. The automobiles sector particularly is a good an example. Automobile manufactures grew steadily for years following the implementation of NAFTA. The tipping point came in 2009 when a majority of manufacturers moved operations to Mexico. However, “Carmakers did not move their entire operations to Mexico. They now straddle the border. A 2011 working paper by the Hong Kong Institute for Monetary Research estimates that a U.S. import from Mexico contains 40% U.S. content.” You may surmise that the automobile sector adapted their comparative advantage to portion of their industry. Jobs lost to Mexico were for less skilled tasks, for which parts return to the US requiring skilled labor for implementation and completion of a finished product.
In Overall even critics would agree that “from an economic perspective, NAFTA is a success and that without it, the impacts of competition from the growing economies of the European Union or China would be worse. That’s critical now that both of these trade areas rank above the United States as the world’s largest economies” (Amadeo, 2020)
In 2018 NAFTA 2.0, the United States-Mexico-Canada Agree (USMCA) was signed replacing the original NAFTA Agreement. USMCA allows for increased exports of Dairy into Canada, bolstering the US Dairy & Agriculture sector. USMCA also addresses labor rates in the automobile industry stipulating that “minimum wages for workers in the automotive manufacturing process: 40-45% of the work done on eligible vehicles must be accomplished by workers earning at least $16 (USD) per hour” (Floyd, 2020) Finally USMCA address copyright concerns now extended to 70 years for life. As this agreement is relatively new, supports and critics will wait to see what fortunes it brings each nation.
References:
Amadeo, K. (2020, May 28). 6 Pros and Cons of NAFTA. Retrieved November 19, 2020, from https://www.thebalance.com/nafta-pros-and-cons-3970481
Floyd, D. (2020, November 11). NAFTA’s Winners and Losers. Retrieved November 19, 2020, from https://www.investopedia.com/articles/economics/08/north-american-free-trade-agreement.asp
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