After 20 Years, NAFTA Leaves Mexico’s Economy in Ruins
NOVANEWS
by Sonali Kolhatkar
Twenty years ago, on Jan. 1, 1994, a trade deal championed by Democratic President Bill Clinton went into effect. The North American Free Trade Agreement was meant to integrate the economies of the United States, Canada and Mexico by breaking down trade barriers between them, creating jobs and closing the wage gap between the U.S. and Mexico.
What in fact happened under NAFTA was that heavily subsidized U.S. corn flooded the Mexican market, putting millions of farmers out of work. Multinational corporations opened up factories creating low-wage jobs at the expense of organized labor and the environment. This, in turn, drove waves of migration north.
Meanwhile, corporate profits soared, and Mexico boasted the richest man in the world, Carlos Slim. Walmart a...