Why Free Trade is Good for the Economy

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Recommended: Which of the following is a major benefit of engaging in free trade

Why Free Trade is good for the Economy

What is free trade? Free trade is “international trade left to its natural course without tariffs, quotas, or other restrictions.” As of right now the United States and China are guilty of not trading freely; however, most of the blame could be put on the United States for putting tariffs on certain products that come from China. For many years free trade has been scrutinized on whether it is actually beneficial to the economy or harmful to the economy. Many economists have different views on free trade and some big controversies have come from the arguments they have made to each other. A few of the reasons free trade is beneficial are that it helps the economy grow and prosper as well as improves the lives of everyone and also helps producers create their products at low costs. Honestly, I feel that we should support free trade because there are a lot more benefits than people actually think. In this essay, I will be arguing why free trade is really beneficial and almost vital to having a good economy.

My first point is how free trade improves everyone’s lives that are involved in the process of trading freely. Arthur Foulkes, a writer from The Freeman, states that, “The magic of trade allows us to improve our lives while improving the lives of other” (1). Foulkes is talking of how he tried to teach fifth graders some of the qualities of trading freely with others and claims that, “As long as the people trading do so voluntarily, trade is always a win-win proposition” (1). By stating this Foulkes means that as long as people are not forced into or paying for trade then everyone wins that is involved in the trade thus making everyone’s life better off. Arthur Foulkes makes many good p...

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...at have been put into place by the government. I feel that we should let free trade in and see the benefits because without trying we will never really know how free trade benefits our lives and our economy. Also more countries will follow which will help everyone out in the long run.

Works Cited

Tupy, Marian. “Free Trade Benefits All." Cato Institute. Web. 2 Nov. 2013.

Hadas, Edward. “Breakingviews- Ethical economy: The false idol of free trade.” Business & Financial News, Breaking US & International News. Web. 16 Oct. 2013

Foulkes, Arthur. "The Magic of Free Trade: The Freeman: Foundation for Economic Education." Foundation for Economic Education. Web. 21 Oct. 2013.

Farmer, Brian. “Free Trade in Theory and Practice.” The New American. Web. 2 Nov. 2013

Friedman, Milton, and Rose Friedman. "The Case for Free Trade." Hoover Institution. Web. 2 Nov. 2013.

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