NAFTA, the North American Free Trade Association was enacted in 1994. NAFTA led to deregulation of industries in Mexico, the U.S., and Canada.
Tariffs in Mexico were almost completely removed, which was believed to remove trade barriers and encourage growth and investment.
NAFTA is an example of a neoliberal policy, which goals involve the lowest amount of regulation, in order to achieve "free trade"
According to proponents: free trade leads to new markets and economic growth; as well as a trickle down system, where increased wealth at the top eventually reaches workers at the bottom
According to opponents of neoliberalism: deregulation leads to a "race to the bottom" where worker conditions deteriorate and environmental pollution and degradation; as well as wealth inequity and disparity
While opinions differ on the effects of neoliberal policies, most people agree that NAFTA has failed in many respects.