Maintain their competitiveness relative to mexican firms

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The United States is in free trade agreements with Mexico, Canada (NAFTA) and several Central American countries among others. Critics charge that these agreements are harmful because of the substantial wage differences with the partner countries. For example, a Mexican worker may earn one-fifth the hourly wage of a U.S. worker. Critics further argue it would be unwise for the United States to establish a common market or economic union with Latin American countries. They argue that a U.S. worker will be disadvantaged relative to a Mexican worker if he or she does not work with more or better natural resources than the Mexican, have a better skill set, and have access to better technology. What can U.S. firms do to maintain their competitiveness relative to Mexican firms, given Mexico’s advantage in low wages? It is likely that someday the United States will form a common market with Mexico and other Latin American partners. In your view, what conditions should be in place before such an agreement is allowed to go forward?

Reference no: EM131723585

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