UCSC Review Winter/Spring 1994 Global Economics: Declaration of
Interdependence The battle in Congress over the North American
Free Trade Agreement galvanized the public's attention in a way
that economic issues rarely do. It pitted economists arguing for
free trade and open markets against union leaders and
environmentalists lobbying for job protections and strict
enforcement of regulations. Get ready for more. Like it or not,
one of the telling characteristics of today's global economy is
that the links forged by international trade and finance have
made economics everyone's business. Here, UCSC economics faculty
weigh in on the trends and tradeoffs of global interdependence.
In an economic sense, the world today is smaller than it has
ever been. High-speed transportation moves goods and services in
record time. Communications technology has made it possible for
investors to make lightning-quick deals halfway around the
globe. International trade agreements have blurred borders and
eroded protectionism, and