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Essay / Research Paper Abstract
This 4-page paper discusses the North American Free Trade Agreement (NAFTA) and how financial institutions have worked with it. Bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: D0_MTnaftaint.rtf
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Unformatted sample text from the term paper:
to say that businesses in the U.S. have sent branches south of the border to save labor costs. But the end result has been a loss of jobs.
However, the concept behind trading blocs such as NAFTA is that of globalization - in other words, the free flow of goods, services (and yes,
labor), across borders without being stymied by tariffs or other obstacles. To better analyze how this works (and has worked), we need to examine the banking systems of the U.S.,
Canada and Mexico, and how theyre set up (or not) to deal with foreign direct investment and trade finance. Back in 1994, Libby
wrote that two pieces of legislation separated U.S. banks from their Mexican and Canadian counterparts. One was the McFadden Act, prohibiting interstate branching, and the Glass-Steagall Act of 1933 (Libby,
1994). During the mid-1990s, Glass-Steagall acted as a barrier between commercial and investment banks (Libby, 1994). And, as almost anyone following the financial meltdown now knows, Glass-Stegall was all but
repealed in the late 1990s. The U.S. banking system also has the Federal Reserve, or the Fed, which handles monetary policy and the
national check collection system (Libby, 1994). Foreign banks entering the United States to do business are subject to rules of the International Banking Act of 1978 (Libby, 1994). These banks
must obey specific branching prohibitions and other restrictions that U.S. banks face (Libby, 1994). Unlike the United States, which seems to be
made up of large banks (though smaller banks are coming into their own), the Canadian Commercial Banking System has only a handful of large banks and a lot of smaller
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