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Issues in Economics Today
Issues in Economics Today
Robert Guell, Indiana State University
NAFTA, GATT, and the WTO

Glossary


creative destruction  The notion that people need to loose their jobs involuntarily in order to seize better opportunities.
GATT  General Agreement on Tariffs and Trade, a world trade agreement.
NAFTA  North American Free Trade Agreement, involving the United States, Mexico, and Canada.
quota  A limit on imports
strategic trade policies  Policies designed to get more of the benefits from trade in a country than would exist under free trade.
tariff  A tax on imports
WTO  The World Trade Organization, an institution that arbitrates trade disputes.




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