Ch. 19 (NAFTA, CAFTA, GATT, WTO: Are Trade Agreements Good for Us?)
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Quote
A limit on imports.
Tariff
A tax on imports.
GATT
General Agreement on Tariffs and Trade, a world trade agreement.
NAFTA
North American Free Trade Agreement, involving the United States, Mexico, and Canada.
Strategic Trade Policies
Policies designed to get more of the benefits from trade in a country than would exist under free trade.
CAFTA
The Central America Free Trade Agreement, involving the United States and five Central American countries: Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua.
WTO
The World Trade Organization, an institution that arbitrates trade disputes.
Creative Destruction
The notion that people need to lose their jobs involuntarily in order to seize better opportunities.