Essay about Is Free Trade Fair Trade?

Is Free Trade Fair Trade? Humans have started to trade since the ancient Greeks. When the time passing by, the world has changed so as the economic system which has become more open and linked as the result of globalisation. So many economic mechanism have been created as trading has been developed through the period of time. One popular economic mechanism using globally is called free trade. Another one, though, isn’t used very widely, is known as fair trade. By the way, they are different things. Although free trade and fair trade seem similar and interchangeable but in fact, they are totally different. First of all, looking to their definitions, according to the Longman Dictionary, Free means “not controlled ; allowed to do or say whatever you want, or allowed to happen, without being controlled or restricted by anyone or anything”. So, free trade would refer to “the unrestricted purchase and sale of goods and services between countries without the imposition of constraints such as tariffs, duties and quotas. It is a win-win proposition because it enables nations to focus on their core competitive advantages, thereby maximising economic output and fostering income growth for their citizens.”(investopedia) In the easier understanding, it is the trade without government intervention, tariff barrier, limited quotas and regulations that limit free competition which means it allows itself work freely through mechanism. Contrarily, fair means
“treating everyone…