"It certainly was difficult to sell NAFTA because it's always difficult to sell open markets"
- Lawrence Summers
About this Quote
This quote by Lawrence Summers speaks with the trouble of offering the North American Free Trade Agreement (NAFTA). NAFTA was a trade agreement in between the United States, Canada, and Mexico that aimed to reduce trade barriers in between the three countries. The agreement was controversial, as it was seen by some as a hazard to domestic tasks and salaries. Summertimes is stating that it was challenging to sell the arrangement because it was tough to persuade people of the advantages of free markets. Open markets enable the free flow of products and services between nations, which can cause increased economic growth and prosperity. However, some people are wary of free markets, as they can cause job losses and wage stagnation. Summertimes is stating that it was challenging to persuade people of the advantages of open markets, and therefore it was hard to sell NAFTA.
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