11. Describe the issues surrounding global economics including the inclusion of GATT, NAFTA, EU, WTO and OPEC.
By Dillon U. and Teena T.
OPEC (Organization of Petroleum Exporting Countries)
-Arab and Muslim nations rise price of oil through Corporation
-Puts embargo on U.S. oil
-Contributed to global recession and debt crisis
-Alliances have control over developed world and financial system
GATT (General Agreement on Tariffs and Trade)
-Abolished restrictions of free-trade appealed to fully industrialized economic nations
-US pushed for elimination of restricted trading practice
-In 1994 GATT agreed to make World Trade Organization (WTO)
Regional Trading Alliances
ASEAN (Association of Southeast Asian Nations)
-Political and economic organization of ten countries located in Southeast Asia
-Formed August 8, 1967
EU (European Union)
-Economic and political corporation that distances itself from the U.S.
NAFTA (North American Free Trade Agreement)
-Started in 1993
-Consisted of the U.S. Canada and Mexico
-The second largest free-trade zone
-Plan to spread NAFTA to all non-Communist nations in the Americas