sts feel that these trading blocs will damage the world trading system by closing off international trade. At this time, three major trading blocs appear to be emerging in the world marketplace. The first of these trading blocs consists of the countries of the North American continent, including the United States, Canada, Mexico, and the Caribbean Islands. The second of these blocs is found in Western Europe, with the recently united nations of the European Community. The third major trading bloc is that of East Asia, a huge sector which encompasses Japan, Korea, China, Thailand, Indonesia, and Australia. It is possible that other international blocs might develop in upcoming years, as well. For example, there are indications that Latin America and Eastern Europe might soon form their own economic alliances (Garten, 1993, p. 188).
Such trading blocs are a threat to U.S. economic inte
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