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This chapter explains the economic case for free trade through the lens of trade theory and argues that even though free trade may not be “optimal,” it is nonetheless the most pragmatic policy option a country can follow.
- 11.1: Introduction
The modern case for free trade does not contend, however,...
- Pragmatically Optimal
The argument for free trade presented here accepts the...
- 11.1: Introduction
Apr 29, 2021 · Even though there are empirical results that could be taken as valid evidence for a causal connection between free trade and economic gains, none of the existing evidence licences trustworthy inferences about the policy effectiveness of trade liberalisation reforms in real-world cases.
- Luis Mireles-Flores
- 2021
- Abstract
- Trade as A Source of Material Power
- The Struggle For Power and The Promotion of Open Trade
- The British Experience Before The First World War
- Conclusion
Free trade is under attack in the United States. For the first time in many decades, top-level decision-makers, most notably President Donald Trump, are spearheading the assault. The rationale shared by the critics of free trade is simple yet powerful: American workers suffer owing to unfair trade policies of other states. It follows that Washingto...
For offensive realists, foreign trade needs to be taken seriously because it can be an important source of a state's material capacity. In particular, trade can significantly increase a state's material clout through specialization that enhances economic efficiency.
When reviewing its approach to foreign trade, the key concern for a state seeking to maximize its relative power is whether protectionist measures do indeed help it to maximize its material power vis-à-visthe state against which the protectionist policies are directed (‘the targeted state’). In fact, the ‘multipolar’ structure of specialized trade ...
In order to illustrate the offensive realist argument against protectionism, I present here a brief case-study of Britain's behaviour in respect of its trade policy in the early twentieth century. Many scholars compare pre-First World War Britain with the United States today, and consider it to be a particularly important historical case that offer...
This article suggests that offensive realism can be married to the insights of mainstream trade theories to offer a new perspective about open trade. For offensive realists, protectionism needs to be avoided since a protectionist state is likely to encounter significant relative losses in the multipolar international trade structure that characteri...
Jan 18, 2017 · Free trade has been a cornerstone of the post-war world. The period since 1945 has been characterised by a gradual lowering of trade barriers. It happened in the General Agreement on...
LOWER PRICES FOR CONSUMERS: Free trade means that global competition can enter the local market, leading to more options on the shelves for consumers and in many cases to lower prices.
Jan 13, 2014 · Augmenting a parsimonious logit model with simple “multilateral FTA” and “ROW FTA” terms to differentiate the own and cross effects empirically, it is shown that the marginal impact on the probability of a country-pair having an agreement of either country having one more FTA with a third country is 50 times that of one more FTA between ...
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May 23, 2018 · Free trade increases prosperity for Americans—and the citizens of all participating nations—by allowing consumers to buy more, better-quality products at lower costs. It drives economic growth, enhanced efficiency, increased innovation, and the greater fairness that accompanies a rules-based system.
