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Through out time countries have tried to protect their companies and workers from foreign competition by taxing imports In the past thirty years this has changed drastically The change resulted for a variety of reasons technology peace among world powers and many other changes in society that occur over time Today more and more companies are entering the global economy while governments are simultaneously promoting world trade In 1970 imports represented 7 percent of the United States gross domestic product today it is approximately 13 percent The General Agreement on Tariffs and Trade and the North American Free Trade Agreement were agreements that lowered trade barriers Many companies were able to enter the global economy and achieve greater profits Companies were also put out of business by increased competition The growth of the global economy has also lead to specialization of production in order to lower costs The growth of the global economy is often referred to as Globalization as people begin to see all countries together as a global community Although there is fear that Globalization will harm the United States market due to more competition in the long run it will be beneficial for all countries The General agreement on Tariffs and Trade signed in 1947 was an agreement with 22 other nations to reduce trade barriers The agreement has been fairly successful In 1991 Europe took a big step and began to form the largest free trade zone in the world The zone would be known as the European Community The agreement aimed to put an end to all border patrols tariffs and create a common currency Today the community is now known as the European Union and it has 15 members Although the United States did not take part in the European Community in 1998 the North American Free Trade Agreement was passed The agreement made all of North America a free trade zone The agreement plans to get
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