Today marks the 20th anniversary of the North American Free Trade Agreement (NAFTA), a free trade agreement between the United States, Canada, and Mexico that has created a $19 trillion market with 460 million consumers. It isn’t merely the size of NAFTA that makes it remarkable but also the fact that it was the first U.S. trade agreement that included both developed and developing countries.

If Tolstoy had written a history of foreign corporations in China, it might have started something like this: “Companies that succeed in China do so for similar reasons; every company that fails, fails in its own way.” It’s not because the businesses were incompetent. Many of the biggest failures belong to the Fortune 500: Mattel, eBay, Google, Home Depot. All of these have thrived in markets around the world, but not in China. Why?