Disadvantages Of Free Trade
Although the theory of free trade has been debatable issue in terms of its arguments and explanation, the mostly accepted definition of free trade is that a government does not interfere on trade policy such as applying tariffs or customs on import goods and supporting exports by subsidies or domestic supports. The theory of free trade is also known as a laissez-faire. According to Jorge Morales (2010), “Free trade is defined as the trade policy recommendation that national governments should abstain from intervening in the voluntary exchange of commodities and services across political borders between the residents of their respective countries. Under a free-trade regime, national governments do not impose artificial barriers such as tariffs, quotas, subsidies or nontariff barriers with the purpose of hampering the importation of specific commodities and services in order to secure their production within national borders.” Throughout the history, the idea of free trade has always been debatable issue for the economic structures and it has been developed as a theory by the economists like Adam Smith and David Ricardo over the …show more content…
Over the years, some economists and academicians like John Stuart Mill, Woodrow Wilson, David Ricardo and Adam Smith agree with the common point which free trade brings nations to wealth, maintaining peace, economic development and welfare. For instance, Woodrow Wilson, who is American politician and academician, said in his speech in 1918 that “The removal, so far as possible, of all economic barriers and the establishment of equality of trade conditions among all the nations consenting to the peace and associating themselves for its
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