Free Trade Is The Unrestricted Import And Export Of Goods Between Countries

1296 Words Jun 10th, 2016 6 Pages
Free trade is the unrestricted import and export of goods between countries without the fear of government intervention such as tariffs, duties or quotas. The notion of a free trade system encompassing several sovereign states originated in a draft form in 16th century Spain. An American jurist named Arthur Nussbaum noted that Spanish theologian Francisco de Vitoria was “the first to set forth the notions (though not the terms) of freedom of commerce and freedom of the seas.” However it was two British economists, Adam Smith and David Ricardo who later developed free trade in to its modern and recognizable form. The relative costs, benefits, and beneficiaries of free trade are often debated by academics, interest groups and governments. Arguments for protectionism (the economic policy of restraining trade between countries through means of tariffs, quotas and a variety of other government regulations) are categorized into either the economic category (free trade hurts the economy) or the moral category (the effects of free trade may help the country, but have ill effects in other areas) and either perspective that is taken on free trade proves that free trade is an unfair system that does not benefit all people. Rather, free trade is a system which enables wealthy nations to remain wealthy and leaves if not further pushes developing nations further into widespread poverty and corruption among many other economic disadvantages.
Free trade is often promoted as a development…

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