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

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