Benefit Of Free Trade Essay

The Benefits of Free Trade vs. The Risks of Free Trade Since post-World War II, the policy of global free trade has had a forefront in both American and global politics. In chapter thirteen of Debates in International Relations, advocates who are in favor of free trade and advocates who are against free trade, each support their reasoning for their stance on the issue. The two authors in favor of global free trade are Gerald P. O’Driscoll Jr. and Sara F. Cooper, who are researchers at the American Institute for Economic Research. According to Driscoll and Cooper, the United States and the European Union should pursue establishing free trade globally, whether it be unilaterally, bilaterally, or multilaterally. The authors show support for the World Trade Organization (WTO),but explain that it mainly offers bilateral agreements, not multilateral. However, free trade supporters want to create the Global Free Trade Association (GFTA), …show more content…
and Coopers main emphasize is that we need to “advance trade by any means”, multilaterally, regionally, bilaterally, and unilaterally. In order to achieve this, they want to establish the Global Free Trade Association (GFTA), to work with the outdated WTO to increase free trade unilaterally. Members of the GFTA would be those who are already involved in free trade, open investment, minimal regulations, and strong property rights. The GFTA would make it easier for unqualified countries to join, because unlike with the WTO, countries wouldn’t have to got through negations. They state that “GFTA would be trade enhancing and would lock in the unilateral opening”. While the authors provide strong evidence for the benefits of free trade and also have a solid plan to carry it out, they lack information how we would overcome the risks. Known risks that are usually associated with free trade which are minimal regulations on environmental and labor standards as well as the reduction of small businesses that can’t