The Mexican peso crisis struck in late December 1994, coinciding
with a new Mexican administration and the end of the first year of
the North American Free Trade Agreement (NAFTA). The crisis
poignantly highlighted the success and the inadequacy of the treaty
-- success in the expansion of trade and capital flows, inadequacy
in institutional capacity. The Canadian, Mexican, and US
governments defined the agreement so narrowly that they failed to
devise a mechanism that could monitor, anticipate, plan, or even
respond to such a serious problem. The new president of Mexico,
Vincente Fox Quesada, has boldly proposed transforming the free
trade area into a common market like Europe's. This has evoked
lukewarm responses from the Bush and Chretien administrations,
which have not yet developed ways to cope with the new problems
stemming from accelerated social and economic integration or to
take advantage of North America's opportunities.
In this visionary study, Robert A. Pastor seizes Fox's idea and
maps out the paths toward making it a reality. He analyzes NAFTA's
successes and shortcomings, extracts lessons from the European
Union's 40 years of reducing disparities between rich and poor
countries, and proposes ways that NAFTA can adapt and incorporate
those lessons. The centerpiece of the book is a detailed proposal
for new institutions and "North American policies, " including
plans for infrastructure and transportation, immigration and
customs, a unified currency, and projects aimed to lift the poorer
regions. The author addresses issues of sovereignty and national
interest and concludes with a look ahead toward a broader Free
Trade Area of the Americas.
This book is the first topropose a detailed approach to a North
American Community -- different from the European Common Market but
drawing lessons from its experience. It will be of considerable
interest to policymakers in the region as well as researchers and
students of international political economy, world trade, and
foreign affairs.
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