ARGUMENTS FOR FREE TRADE

Arguments centre around MARKET ACCESS and what it offers.

Total surplus
• Increases total production (in total, from a world view) because exploits comparative advantage
- Increases revenue (in total)
- Increases jobs (in total)
- Increases consumption (in total)
• Increases efficiency because, in the global market, production and consumption expands
• Eg: 1994 Uruguay Round trade deal added between $109 billion and $510 billion to world income (WTO)

Sharing
• Knowledge transfer
• Structural change driven by market discipline and new technologies
• Human rights, political ideals
ARGUMENTS AGAINST FREE TRADE

There are 2 categories of arguments
a) The practical arguments i.e. “We can’t do it.”
b) The ‘in-principle’ arguments i.e. “Even if we can do it, it’s not good.”

Process versus outcome
• Political power influences negotiations and legitimacy of discussions.
• Bargaining process may be pushing to......

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Title: Free Trade - For & Against
Approximate Word Count: 308
Approximate Pages: 2 (250 words per double-spaced page)

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