Why Wait For Nafta?

If there's a textbook example of how free trade works, it's Santiago, Chile. Just 12 years ago, unemployment soared past 22%, and soup kitchens spread across the city as surging imports put hundreds of Chilean companies out of business. But the government stuck to its market-opening strategy, convinced Chile would become more competitive. Today, hundreds of new office complexes, apartment buildings, and luxury hotels shape the skyline. At the gleaming new airport, foreign executives stream in every day to do business with one of Latin America's biggest economic success stories.

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