Chris DeLong, Brad DeLong, and Sherman Robinson: NAFTA and the Peso Crisis:
NAFTA Is More Important Today than Before the Peso Crisis
Open the newspapers, and read the conventional wisdom: that the Mexican peso crisis of winter 1994-1995 has dashed the hopes for Mexican development raised by NAFTA; that the rationale for NAFTA has vanished because the peso crisis caused the "rapid unraveling of the Mexican economic achievements of 1988-1993."
But the conventional wisdom is dead wrong. The case for NAFTA is much, much stronger after the peso crisis than before.