Stan Sorscher states: 'You need to squint to see the difference between NAFTA and its replacement”. Widespread dissatisfaction with this and other Free Trade Agreements (FTA) reflect market failures, as does, many of our biggest problems — climate change, growing income inequality, health care, food safety, and workplace safety.
Warren Buffett’s advice is reflected in the preceding graphic. Fixing NAFA incrementally is analogous to patching a chronically leaking boat, while adopting coherent strategic national policies to solve each of our market failure related problems is equivalent to changing vessels.As Sorscher concludes:” Trying to “fix” NAFTA incrementally is futile. First, we need to see national policies that will rebuild our economy, raise living standards, and improve well-being. Then we can write a trade policy to match”.