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Principles of Economics- Mankiw (5th) 190

Principles of Economics- Mankiw (5th) 190 - 196 PA R T T H...

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196 PART THREE SUPPLY AND DEMAND II: MARKETS AND WELFARE same. In other words, it can bargain with its trading partners in an attempt to reduce trade restrictions around the world. One important example of the multilateral approach is the North American Free Trade Agreement (NAFTA), which in 1993 lowered trade barriers among the United States, Mexico, and Canada. Another is the General Agreement on W HEN DOMESTIC PRODUCERS COMPLAIN about competition from abroad, they often assert that consumers are not well served by imperfect foreign products. The following article documents how Russian producers of chicken reacted to competition from the United States. U.S. Chicken in Every Pot? Nyet! Russians Cry Foul B Y M ICHAEL R. G ORDON Moscow—A nasty little skirmish be- tween Russia and the United States is brewing here over a threatened trade barrier. But this fight is not about manufac- tured consumer goods or high technol- ogy, but about American chicken, which
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