Free Trade

3 Pages 769 Words

free trade
By: Jish Bockerman

One of the greatest international economic debates of all time has been the issue of free trade hurting the economy. Proponents of free trade believe in opening the global market, with as few restrictions on trade as possible. Proponents of alternative, protectionism believe in concentrating on the welfare of the domestic economy by limiting the open-market policy of the United States. After examining all factors on the two conflicting sides, it is clear that free trade is limiting expansion for the benefit of its citizens and for its national welfare. Free trade is hurting the economy. (Altschiller 9) The dictionary definition of free trade states it as a policy of allowing people of one country to buy and sell from other countries without restrictions. The international economic climate is continually changing and is blatantly different from how it was during the times of the American Revolution and the Civil War where free trade was feasible. With respect to the conditions of the modern American economy and the international market, eliminating the competition between the United States and the other nations, tenacity will be prevented within. One major strategy used to manage trade differences between countries is regular economic summits among leading industrial nations to create economic policies. The main goals at these summits is global economic stabilization within the context of important political issues. (Lenway 56) NAFTA may have been useful in relieving Cold War tensions, but now the military competition has been replaced by economic confrontation (mainly between the US, Europe, and Japan). A good example of the tensions between the United States, Japan, and Europe can be best seen in The Uruguay Round which lasted from 1986-1993. The Uruguay Round addressed some explosive issues such as rules for governing intellectual property rights, non-tariff barriers, agricultural subsidies, and tra...