Embracing Economic Globalization Into the Future

498 Words2 Pages
Contemporary economic globalization can contribute to prosperous countries and individuals, while protecting citizens of the country and natural resources. History has shown us that change is inevitable and if we embrace change for the good of today and future generations, everyone benefits. After the II World War fifty countries created the United Nations to encourage peaceful relations and open up trade between countries. This was the start of economic globalization. Contemporary economic globalization must benefit all parties involved and protect its citizens and natural resources. The free trade agreement (F.T.A) of 1989 between Canada and the U.S.A, gave Canada access to the large U.S market and the U.S access to Canada’s vast natural resources with the exception of water. With the addition of Mexico in 1994 this new agreement was called the North American Free Trade Agreement (N.A.F.T.A.). Contemporary economic globalization cannot be to the detriment of a countries citizen’s well-being or depletion of natural resources for another countries benefit. For example if there is a natural gas shortage, Canada should not have to suffer by reducing domestic use in order to fill the export needs of U.S.A. Right now water is not included in the N.A.F.T.A agreement. However if any Canadian province agrees to sell bulk water to a foreign country, Canadian water becomes a traded good not a natural resource over which Canada has control. Shorty before the F.T.A. agreement, many believed that Canadian wineries would go out of business because of globalization. The market would be flooded with better quality and cheaper wines. Instead the government rose to the challenge by providing funds for major Canadian wine makers to get better quality grapes. The wine industry also rose to the challenge, by producing world-class wine at competitive prices. Canadian wines
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