Relationship Between NAFTA and Micro Finance

8/7/2019 Relationship Between NAFTA and Micro Finance

http://slidepdf.com/reader/full/relationship-between-nafta-and-micro-finance 1/21

NAFTA, Theories of Free

Trade, and Contemporary

SolutionsAN INVESTIGATION OF THE RELATIONSHIP BETWEEN THE U.S. AND MEXICO

IN THE CONTEXT OF FREE TRADE AND MIRCOFINANCE INSTITUTIONS

³It is not from the benevolence of the butcher, the brewer or the baker, that we

expect our dinner, but from their regard to their own self interest . We address

ourselves, not to their humanity but to their self-love, and never talk to them of our

own necessities but of their advantages. Adam Smith

Fall, 2009

St. Lawrence University

Jake Dexter



2

Microfinance, provisional credit towards projects in the developing world from

small-scale lenders, has the potential to be a powerful tool to lift people out of poverty.

Small loans from lenders who do not require collateral or have high interest rates

represent a new form of financial assistance for low-income clients. The Grameen Bank

was an incredibly successful microfinance project, but its successes have yet to be

replicated because of factors such as technology and population density. This redefinition

of national financial sectors is also a concern for the healthy development of national

financial institutions. However, since World War Two it was been clear that the efforts of

planner¶s experts to develop financial services for their nations' majorities have

failed.The case study of Mexico must beexplored to understand how microfinance works

outside of the Asian context.Mexico has been incorporated into the global economy in

the wake of the North American Free Trade Agreement, NAFTA, but the implications for

this involvement have been both positive and negative. While neo-liberal economic

preach ³top ± down´ investment, microfinance does the opposite by providing financial

resources to those who have not advantaged from recent changes within the global

political economy. Role of NAFTA

To properly understand the nature of modern economic trade, it is crucial to

consider both globalization, and more importantly in the case of Mexico, NAFTA. The

driving force behind a trade policy, such as NAFTA, is the phenomenon known as

globalization. The international political economy has come to be defined in terms of

globalization, and therefore we see subsequent reorganization of market driven



3

economies that interlock, becoming dependent on one another .This mutual relationship

established in the wake of increasing interconnectedness and liberalization of trade has

directly threatened the sovereignty of nations, as well as their legitimacy in the context of

corporate centered free markets. Therefore, we have seen the emergence of corporate

driven interests and the dominance of multi-national corporations.

These are the contexts in which NAFTA was created and implemented. Clearly,

NAFTA is not only characterized by trade, but principles that attempt to contain the role

of the state in the economy.These factors help to further understand the theory, as well as

the factors that have contributed to the changing economic order in the past decades, that

resulted in the birth of NAFTA.

With the inception of NAFTA, a relationship amongst the nations involved was

quickly established. Geographically, as well as economically, the United States solidified

its place in the center of the agreement. To the North, was a vast surplus of natural

resources, and to the South, a developing nation with cheap labor . ³«it was the

incorporation of Mexico to this equation that added another dimension to the issue; it was

the first case of a developing country¶s accession to this type of agreement with

developed states«´ (Floudas and Rojas 1). Therefore, it is extremely important to

consider the unevenness of the agreement. Upon creation, Mexico was entering a

previously established system, and although investment has increased the beneficial and

negative aspects remain debated.



4

In the years following the agreement there has been increased international

competition as well as a rise in labor productivity rates. ³Today, Mexico¶s exports are

nearly double those of the rest of Latin American countries put together . When looking at

foreign direct investment (FDI), the results for Mexico have been equally dramatic.

During the eight years before NAFTA, the average annual flow of FDI into Mexico was

approximately $3.47 billion. But since 1994, this average has exceeded $13 billion´

(Serra and Espinosa 60). When one looks at the financial gain in terms of the numbers

alone, it seems as if NAFTA has been extremely beneficial. However, it is imperative to

consider factors such as workers, communities, and the environment.

For the workers who are fueling the export based nature of Mexican production

the situation is not as prosperous as authors such as Serra and Espinosa make it out to be.

³Mexican manufacturing wages were no higher in 2000 than in NAFTA¶s first year and

considerable lower than in 191, prior to Mexico¶s sweeping free market reforms´

(Cavanagh and Anderson 58). For those, primarily women, who have taken advantage of

employment opportunities in the thriving maquilla based production industry wages saw

no increase as a result of NAFTA. So, why have increased trade and investment failed to

reduce poverty of raise wages?

The answer to this question lies in the nature of the global market place. Today,

workers are employed by highly mobile multi-national corporations (MNC¶s) who

maintain the ability to relocate and suppress workers when they make demands.Just ask

the mostly female workers at Duro Bag Manufacturing in Rio Bravo, Mexico, a U.S.-



5

owned plant that makes decorative bags for Hallmark . ³When these workers

demonstrated peacefully in June 200 for their right to form an independent union, local

police swept in and beat them´ (Cavanagh and Espinosa 59). Although it is clear that FDI

has increased, the majority of the profits stay within the grasp of MNC¶s and the ³trickle

down´ doctrine associated with neo-liberal economics is seldom achieved.

Equally as important, in consideration of the work force, occurs within the

American context. Because the majority of the corporations that have taken advantage of

the cheap Mexican workforce not only do they avoid restrictions and regulations

associated with American manufacturing, but there is a constant fear for the American

worker that their employer might move South. This added threat, serves as a bargaining

tool for American companies that continue operating within United States boarders.

Additionally, it is important to consider the implications associated with the

migration of the Mexican worker in the context of being employed in the maquilla

industry.The proximity of these factories to the United States not only make them

desirable for the unemployed populations throughout Mexico and the rest of Latin

America, but also

result in increased travel

between boarders.



6

This migration as a result of the economic re-organization has had profound

effects on both Mexican and American societies. ³This kind of integration is clearly

linked to the direct export of Mexican labor to the United States. The result is an

incalculable loss for the country.³The maquiladora implies the net transfer of profits

abroad´ (Wise and Brena 35). Equally as substantial is the need to reproduce, i.e. train,

the work force upon the departure of others. Migration has many roots, causes, as well as

effects, but in this context deprives the economy of a means to acquire valuable capital.

By focusing on monetary gains when conceptualizing NAFTA, the urban worker

is not the only actor that gets ignored. Rural Mexicans suffer as well, if not more than

those involved in maquilla manufacturing. Trade liberalization has had a major impact on

Mexican agriculture.Although many groups of rural farmers have suffered, those

producing corn have been negatively affected the most. ³Corn accounts for 60% of

cultivated land, employs 3 million farmers and is the country¶s main staple food crop.

There are a total of 18 million people depending on corn production, including farmers

and their families´ (Henriques and Patel 3). The irony of Mexican corn production is that

the states that produce the most amount of corn²Chiapas, Guerrero, Oaxaca, etc are also

the regions where poverty is most widely spread.



7

Responsible for this trend is free trade. In the wake of NAFTA, America began

exporting extremely cheap corn to Mexico, making it almost impossible for local farmers

to compete. However the United States is able to keep the price of corn artificially low

only because of the subsidies, American farmers receive from the government. ³U.S.

farmers received $18 billion in subsidies and account for less than 3% of the labor force´

(Henriques and Patel 4). These are the methods used to ensure the beneficiaries of

production are American. The only winners throughout this process are the large agri-

businesses such as Cargill and Archer Daniel Midland (ADM). ³These corporations get

access to U.S. corn surpluses at artificially depressed prices, creating lucrative export

opportunities´ (Oxfam Briefing).Subsistence farmers are amongst the poorest segments

of the population and these modes of exportation and exploitation increase poverty as

well as migration.

TABLE 1: SHARE OF AGRICULTURE IN TOTAL EMPLOYMENT

1960 - 65%1980 -36%

1999 - 22.1%

2002 - 17.5%

Theory put forth by pioneers of economics such as Adam Smith and David

Ricardo is not being exemplified by these modern economic practices. Smith theorized

that market prices and natural prices would stay somewhat even and outputs would

be at what he characterized as the level of effectual demand. Ricardo also presented

similar ideas contending that the labor needed to create a given good would be

proportionately related to prices. The nature of contemporary corn trade is just one



8

example of how these theories do not always correlate appropriately.This being

said, Smith and Ricardo were also the first advocates for Free Trade. This is an

interesting paradox considering the fact that free trade has manifested into a

disproportional relationship between the true value and cost of a good.

The final aspect associated with NAFTA, which is consistently ignored by

those who advocate for neo-liberal orientated trade, is the environment . Those who

support open markets argue that increased profits can be used to solve

environmental issues, but ignore the massive amount of evidence that shows the

environment has suffered immensely since NAFTA was signed.President at the time,

Bill Clinton, called NAFTA the most environmentally friendly agreement ever

signed but this has not proven to be the case.

Currently, industrial development is outstripping investment in environmental

infrastructure. Populations on both the U.S. and Mexican side of the boarder are racing

rising environmental hazards related to the development of industry induced by NAFTA.

³Despite steady growth in gross domestic product, Mexican government investment in

environmental protection has declined in real terms by about 45 percent since 1994«air

pollution from Mexican manufacturing has nearly doubled´ (Cavanagh and Anderson

59).Based on this information it becomes clear that environmental protection is simply

not a priority for the stakeholders.

Approximately 80% of the total value of the Mexican export industry is controlled

by two percent of the total number of companies in the country, most of which are



9

transnational corporations. Many of these, particularly those in the electronics, textile and

chemical industries are classified by the U.S. Environmental Protection Agency as

utilizing highly toxic and dangerous processes. Even official statistics, however, show

that only 10% of the seven million tons of toxic waste these industries generate is

properly treated. On the bi-national level these problems must be addressed first by

determining the full extent of the damage and then examining the best method to clean it

up. ³An estimated cost of $1 billion dollars is said to be needed, however there are

significant data gaps´ (Carter 594).Without the commitment of the corporations that

dominate business, there is little hope for any sort of environmental reconciliation.

For progress in this respect, trade policies must incorporate environmental concerns so

that sustainable development can be attained. NAFTA must be renegotiated to integrate

environmental protection as well as funding sources. Those in support of NAFTA argue that

increased investment and subsequent wealth can be reinvested into cleaning up the mess that has

already been created, as well as preventing further destruction, but these claims have not

been backed up by action.This work must be done with involvement from all three North

American nations. Additionally, work must be done on the national level as well.

Nationally, with or without the recognition of NAFTA, constitutional reforms

must be made that guarantee citizens the right to a clean and balanced environment.

Currently, the export processing zones and maquiladora areas do not adhere to nationally

³enforced´ regulations.Corporations that operate in these areas claim they do not have to

adhere to environmental guidelines because the EPZ¶s remain outside of individual state



10

control. These loopholes must be closed before any more damage is done. We must not

forget the work of early environmentalists and economic scholars such as Malthus who

predicted that economic practices would come at an environmental cost.

However, it is also valuable to examine more contemporary scholars investigating

the current relationship between trade and the environment. This work provides

important insight into the interplay between these two aspects and is directly related to

environmental degradation in the wake of NAFTA.³While developed and less developed

countries differ widely in the stringency of their environmental regulations, they also

differ widely in average education levels, in available infrastructure, and in capital

equipment per person´ (Copeland and Taylor 5). This relationship between a developed

nation United States and a less developed Mexico was established by NAFTA and

because this relationship will not change in the near future, it is all the more important the

guiding documents and regulations do.

Theory

To understand the forces at play, within the context of NAFTA, further

investigation must be done at a theoretical level, especially if changes are to be

made.Theoretically, discussions of the role of the market, by writers such as Polanyi,

Keynes, and Hayek can provide incredible valuable insight.In the context of NAFTA, all

these scholars¶ opinions can be analyzed to increase understanding of the modern global

political economy, and its manifestations.

Polanyi argued that the market was the driving force behind the formation and

characterization of the state.



11

³Market economy implies a self-regulating system of markets; in slightly more

technical terms, it is an economy directed by market prices and nothing but market

prices. Such a system capable of organizing the whole of economic life without outside

help or interference would certainly deserve to be called self-regulating. These rough

indications should suffice to show the entirely unprecedented nature of such a venture in

the history of the race (Polanyi 43).

This analysis of the role of the market holds true in both the Mexican and U.S.

context. Free trade policies such as NAFTA, have further defined the nature of the

developed, consumer driven state, and a less developed nation characterized by cheap

labor, exportation, and mass production. However, Hayek defended free market

economics with far more rigor than Polanyi. While, Polanyi knew that unregulated free

trade would undermine social order, Hayek¶s, The Road to Serfdomadvocates for just

that. However, Hayek also argued that in an unequal market society the poor have more

freedom than a person of material wealth. In the context of NATA, and the poverty it has

created, this argument is difficult to agree with. Throughout Mexico, poor communities

that have been strangled by a lack of employment opportunities are forced into

manufacturing for low wages. There is no freedom in the arrangement of modern modes

of production and consumption (Hayek 135).

Work by Susan Strange such as States and Markets, which draws upon many of

these pioneers of economic thought, is also critical.Although she sees states as central

actors, which is proving to be more and more contentious as transnational firms take their



12

place, she does urge the understanding of the growing role of the market, as well as the

role of corporations. However, most importantly she examines the structural and

relational nature of power .

For Strange, there are four dimensions of structural power; security, production,

finance, and knowledge, all of which are inter-related. Within the context of NAFTA, all

of these remain pertinent. Nations that are interconnected economically, via trade, foreign

direct investment, etc like Mexico and United States will not threaten each other because

of this relationship. Security is controlled by the U.S. because of the hegemonic nature of

the affiliation. This dominance also affects the nature of production. It has been made

clear that the power over production lies in the hands of the more highly developed state.

³Change in production structure deals out a new hand of cards from a reshuffled

pack . Governments ±of developed as well as developing countries ± corporations, banks,

labour unions, farmers and many other groups in society, including political parties, face

new and difficult problems in deciding how best to play the hand´ (Strange 89).

It is clear that the organization of current production has only re-affirmed

America¶s position at the top.Strange¶s investigation of the knowledge structure is also

quite relevant within these contexts. She believes the knowledge structure to be changing

the most rapidly in comparison to the other structures. The dominance, exhibited by the

U.S., over Mexico is rooted in the leadership of knowledge. Because America has proven

to be a leader within the knowledge structure, it has come to have immense control over

not only Mexico (amongst other nations) but the other power structures as well. If a



13

nation wishes to have power, within the four dimensions put forth by Strange, supremacy

within the knowledge structure must come first. Discussion of Strange¶s final dimension

of structural power, credit/finance, will be examined in the next section.

Solutions

Now that the roots for poverty, in relation to NAFTA, have been properly

examined, it is important to investigate solutions for Mexico to pursue. It has been made

clear that neo-liberal economic systems bring immense wealth to very few and poverty to

majority populations, the instrument that must be employed to combat present practices,

must empower those who have been marginalized.This paper will argue that

microfinance projects are the key to reversing this damage, and therefore must be further

explored in Mexico.

Microfinance, when properly implemented and organized under the correct

conditions has proven to be extremely beneficial to those with access to services. To

understand the success or potential for microfinance it is critical to investigate the project

that inserted microfinance into the financial sector of global and national economics. This

project was the Grameen Bank .The banks founder, Mohammed Yunus, witnessed the

Bangladesh famine of 1974 and decided to make a load of twenty-four dollars to forty-

two separate families so they could create hand crafted goods to sell. Thus, the seed of

the Grameen Bank was planted (Giridharas and Bradsher).

Since those initial loans, the Bank has over 50 million clients and has inspired

similar projects all over the world. Central to the Grameen doctrine is the notion that

even the poorest of citizens must be able to have access to some sort of credit



14

system.Through tight networking between donor and client debt repayment has remained

high, and microfinance seemed like it was going to be the leader in poverty reduction.

While conventional financial systems remain based upon the idea that the more you have,

the more you receive, the Grameen Bank was founded based on the opposite. Those with

very little must be able to receive credit, although they may not make a large deposit,

have a formal financial history, or have collateral. Therefore, the Grameen doctrine

considers credit to be a basic human right. Not only does the Grameen Bank focus on

empowering women with entrepreneurial skills, but does the majority of its work in a

rural setting, hopefully reaching the poorest members of society. ³Grameen has found

that the potential for savings is huge in Bangladesh, even at the bottom of the pyramid.

The contractual savings plans have enabled the poor to break free from the trap of low

savings´ (Dowla and Barua 123). It is clear that under the circumstances provided by the

Grameen Bank, microfinance was, and continues to serve many citizens in poverty.

It is for this reason that any discussion of microfinance must be done so, with an

adequate understanding of its roots and birthplace. If microfinance had been launched

under less successful circumstances, it would not have made the impact it has on

developmental models for those in poverty. However, this immediate success has not

been largely reproduced in regions outside of Southeast Asia.The explosion of

microfinance spread all over the developing world but has not had the same, profound

effect.Mexico has witnessed increasing numbers of microfinance organizations, but the

majority of these are operating under different conditions yet are expecting similar



15

results. It is important to distinguish what factors made the Grameen project special, and

why other regions are not seeing immense and widespread growth.

Primarily, the network of clients and lenders is extremely tight. Bangladesh has

an extremely high population density meaning connections between the bank and its

associated branches, now stemming throughout the country, with those in need can be

easily facilitated. Equally as important are the networks that are formed between the

clients themselves, who work together to ensure their businesses survive and that they

repay their debts.

Interestingly enough, there is currently a Grameen Bank affiliate program being

launched in Mexico. The project is known as Grameen Carso, named after its primary

contributor, Carlos Slim, the richest man in Mexico. ³Grameen Carso will be using its

innovative model developed in Bangladesh to offer microcredit lines to the neediest

people in Mexico to help them create or expand small business´ (Jorgensen 1). As of

September 19, 2009 Grameen Carso had 265 members of which 195 have received their

first loan. Carso, like its counterpart in Bangladesh serves almost 100% women because

prior experience has shown that concentration on women yields extremely positive loan

repayments, while women also tend to be marginalized more so than men.

Currently, there is much optimism surrounding this new microfinance project.

However, it is important to understand that Grameen orientated initiatives have proven

extremely successful in the past, but it has been questioned whether or not they reach

those in the worst forms of poverty.Additionally, skeptics have provided evidence that



16

the Grameen model profits only because of their interest rates. ³The Grameen Bank

charges an annual interest rate of 20% on its main credit product. Because this rate was

below cost recovery levels, the Grameen Bank suffered for many years´ (Fernando 4).

The success or plight of Grameen Carso remains to be seen, but it should be made clear

that projects, other than those based on Grameen doctrines, should be applied in Mexico.

One of these initiatives is known as Proyecto Tequisquiapan (PT). The PT does

not fit within the current trend of larger commercialized microfinance organizations.

Rather it operates on a smaller-scale, while maintaining low interest rates, and works

with Mexico¶s poorest communities. ³In fact, PT is, in relative terms, most useful to its

most vulnerable members´ (Rogaly, Castillo, and Serrano 382).By conducting the

majority of their work in rural areas, the poorest members of Mexican society are

receiving their services. The PT¶s basic approach is to emphasize protection and

formulation of assets. These assets commonly do not necessarily mean income, rather the

tools needed to become financially stable over a longer period of time.

Outside of the rural societies, the PT is finding many of its clients directly

involved with manufacturing. Because so many women have been drawn towards the

export processing zones on the border, many need financial services. Women, working in

the maquiladoras have taken advantage of the PT, by saving capital, as well as receiving

small loans in order to create other employment options. In this sense, the PT, is serving

to counter-act the grips of neo-liberalism and the constraints of factory work . Also, the

PT is finding many of their clients need financial support because of the decline of their



17

respective trades. ³Those with the clearest memories of hardship were the then relatively

secure households, who had lost their jobs; builders and other workers saw decline for

their labor; and shopkeepers, who saw their custom decline´ (Rogaly, Castillo, and

Serrano 385). At a national level, Mexican production of local goods has declined

immensely since NAFTA. Like rural corn farmers, many locally based producers could

not compete with cheaper goods, imported by the Mexican government.

Proyecto Tequisquiapan certainly holds important lessons for microfinance

institutions in the Mexican context. In constrast to large scale commercially based MFI¶s,

PT is small scale, yet extremely valuable for the economically insecure. Due to the recent

development of large MFI¶s such as Grameen Carso, it is important to keep in mind the

constant and self-restrainedgrowth of the PT for the past twenty years. Also, an

investigation of the PT¶s cliental reveals that many of those receiveing services have been

marginalized because of NAFTA. These populations include those working in the

Maquilla industry, rural farmers, or any other citizen that has been unable to compete

with the influx of foreign goods.

Provision of credit is clearly an extremely valuable tool. A nations financial

structure cannot function without the distribution of credit. ³Like blood in the human

anatomy, money in the predominant form of credit-money has to reach and renew every

part of the economy´ (Strange 91). This argument addresses the need for credit, however

the existence of microfinance suggests that national finance sectors are not reaching all

members of society.Therefore, microfinance must round-out the unevenness of the



18

modern financial structures by providing services to those who need it the most.As

modern economic practices continue to widen the gap between rich and poor throughout

the world, microfinance will be instrumental in poverty alleviation, as well as ensuring

financial structures are providing services to all.

Conclusions

It was the goal of this paper to first, expose the primary reasoning for poverty and

economic limitation in Mexico, provide theory to expand understanding of the global

political economy, and lastly to provide a solution. The North American Free Trade

Agreement has increased foreign direct investment in Mexico, but this is capital that does

not reach the majority of members within society. Average citizens, in both rural, and

urban settings suffer from an overflow of cheap imported goods, or enter the harsh

working conditions of the maquiladora industry. As a result of increased export based

processing Mexicans have migrated to border towns. Many see opportunity in this factory

work, but have no power to mobilize as a cohesive working force. The U.S. factory

worker also suffers a constant threat of their corporate employer moving south, in a quest

to exploit cheaper labor. Other than the human cost, is the environmental concern. Air

pollution and hazardous waste pollutes the border zones while effort to clean up the mess

have been few and far between. The guiding documents of NAFTA must be revisited to

ensure steps are taken to prevent further environmental destruction, and so that the

necessary infrastructure exists to combat these issues. Scholars of political economy help

to further our understanding of these issues. Specifically the work of Susan Strange, and

her discussion of the four dimensions of power relate directly to U.S. hegemony in the

context of NAFTA. The solution provided is one that employers those who have suffered



19

as a result of neo-liberal economics. The discussion of the Grameen Bank is essential in

understanding the nature of microfinance. Many affiliate groups have spread throughout

many countries. The development of Grameen Carso is the most recent manifestation of

the project, and is operating within Mexico. However, it is argued that other MFI¶s such

as Proyecto Tequisquiapan who target both rural and urban populations of mainly women

must not go ignored in this discussion. The majority of the cliental associated with the PT

are suffering as a direct result of recent developments of free trade. Lastly, microfinance

projects ensure the complete service of credit, advocated by Susan Strange, and more

importantly can lift large populations out of poverty.



20

Works Cited

Anand Giridharas and Keith Bradsher (2006-10-13). "Microloan Pioneer and His

Bank Win Nobel Peace Prize". N ew York Times. Retrieved 2009-11-13.

Berger, Marguerite, Lara Goldmark, and Tomas Sanabria. An Inside View of Latin

American Microfinance. New York: Inter-American Development, 2006. Print.

Carter, Dean E., Carlos Pena, Robert Varady, and William A. Suk. "Environmental

Health and Hazardous Waste Issues Related to the U.S.-Mexico Border."

JSTOR. Brogan and Partners, June 1996. Web. 3 Dec. 2009.

Cavanagh, John, and Sarah Anderson. "A Bad Idea That Failed." JSTOR.

Washingtonpost Newsweek Interactive, Sept. & oct. 2002. Web. 3 Dec. 2009.

Copeland, Brian R., and M. Scott Taylor. Trade and the Environment . Woodstock,

Oxfordshire: Princeton UP, 2003. Print.

Fernando, Nimal A. "Understanding and Dealing With High Interest." JSTOR. Asian

Development, May 2006. Web. 10 Dec. 2009.

Floudas, Demetrius, and Luis Fernando Rojas. "Thoughts On NAFTA and Trade

Integration in the American Continent." JSTOR. Dec. 2000. Web. 9 Dec. 2009.

Hayek, F.A. The Road To Serfdom. Routledge, London: Chicago, 1944/2007. Print.

Henriques, Gisele, and Raj Patel. "NAFTA. Corn, and Mexico's Agricultural Trade

Liberalization." Americas Policy . Interhemispheric Resource Center, 13 Feb.

2004. Web. 4 Dec. 2009.

Jorgensen, Vidar. "Grameen Carso." Carlos Slim Helu. Grameen Trust, 29 Sept. 2008.

Web. 9 Dec. 2009.



21

Rogaly, Ben, Alfonso Castillo, and Martha Serrano. "Building Assets to Reduce

Vulnerability." JSTOR. Taylor & Francic, Apr. 2004. Web. 9 Dec. 2009.

Serra, Jaime, and Enrique Espinosa. "The Proof Is in the Paycheck." JSTOR.

Washingtonpost Newsweek Interactive, Sept. & oct. 2002. Web. 3 Dec. 2009.

Strange, Susan. States and Markets. New York: Continuum, 1988/1994. Print.

Wise, Raul D. "The Mexican Workforce in the Context of NAFTA." JSTOR. Latin

American Perspectives, 2 Mar. 2006. Web. 29 Nov. 2009.

Documents

Relationship Between NAFTA and Micro Finance