1. Free Trade Freedom from state-imposed limits and constraints on trade across borders

2. Economic Organizations General Agreement on Tariffs and Trade (GATT) signed by 23 non-communist countries in 1947 (now has 123 members) holds regular negotiations to remove or loosen barriers to free trade In 1994, the GATT established the World Trade Organization (WTO) which took over GATT activities in 1995 and became a forum for settling international trade disputes with the power to enforce its decisions Protests against the WTO in Seattle in 1999

3. Organization of Petroleum Exporting Countries (OPEC) Established in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela and later joined by eight others Cartel proved to be a political as well as an economic power during the Arab-Israeli War of 1973 –Ordered an embargo on oil shipments to the US (Israel’s ally) and the price of oil in the US quadrupled between 1973 and 1975 –Forced the U.S. to look into alternative fuel sources.

4. North American Free Trade Agreement (NAFTA) Went into effect with the US, Canada, and Mexico in 1994 Constitutes the world’s second largest free trade zone but lacks the economic coordination of the EU –Ross Perot (1992 third party presidential candidate would complain NAFTA would produce “a giant sucking sound” of jobs leaving the US for Mexico)