free trade

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Free Trade

The state in which there are few or no tariffs or other trade barriers discouraging international trade. For example, a country with a free trade policy does not subsidize favored industries in order to make them less expensive compared to international competitors. Proponents of free trade argue that it is more economically efficient and helps consumers by promoting competition to keep prices low. Critics contend that free trade is detrimental to local jobs, especially in the developed world.

free trade

the EXPORT and IMPORT of goods and services between countries totally unhindered by restrictions such as TARIFFS and QUOTAS. In general, free trade leads to a higher level of economic welfare in so far as it favours the location of economic activities in those countries best suited to their production, resulting, through the trade mechanism, in worldwide consumption gains in the form of lower prices and greater product availability. See INTERNATIONAL TRADE, TRADE INTEGRATION, WORLD TRADE ORGANIZATION.

free trade

the INTERNATIONAL TRADE that takes place without barriers, such as TARIFFS, QUOTAS and FOREIGN EXCHANGE CONTROLS, being placed on the free movement of goods and services between countries. The aim of free trade is to secure the benefits of international SPECIALIZATION. Free trade as a policy objective of the international community has been fostered both generally by the WORLD TRADE ORGANIZATION and on a more limited regional basis by the establishment of various FREE TRADE AREAS, CUSTOM UNIONS and COMMON MARKETS.

See GAINS FROM TRADE, EUROPEAN UNION, EUROPEAN FREE TRADE ASSOCIATION, TRADE INTEGRATION.

References in periodicals archive ?
Seven years later, free trader Del Simons hired a Buhl aircraft from Prince Albert, Saskatchewan for a 1,500-mile experimental fur-buying trip.
9) Buchanan, who in 1814 produced a very interesting annotated edition of the Wealth of Nations, was a staunch free trader, and did not agree with Smith's appreciation of the Navigation Laws (Buchanan 1814, II: 209 n).
1, 1851; speech of Felix Huston, in (Natchez) Mississippi Free Trader, Sept.
Bergsten, Assistant Treasury Secretary in the Carter Administration, is a high-church free trader offended by the protectionist label.
This seems reasonable to me, but I will nevertheless give the last word on this stimulating book to a (hypothetical) free trader, who might point out (or claim) that one of the key policy institutions eventually achieved by the developed world after a century or so of struggle and trial and error is free trade itself--so why should the late-developers penalise themselves unnecessarily by not moving directly to the End Game?
As a result, the 1930s were characterised by what John Hicks, a free trader and later Nobel laureate, described as "nihilism": if markets were imperfect, it was no longer possible to believe in the efficiency of free trade.
The stranger, whom the pilgrims interview at length, had wandered all over the Western seas as a slave, and later as a free trader.
One free trader who is looking forward with confidence is the prominent coffee exporter, Gustave Gaviria.
I'm an unabashed free trader," said Johnson, a leading voice in the Conservative "Tea Party" wing of the Republicans.
Between old and new muddle, and the certain prospect that the demolition of each bad idea merely allows others to take root and grow in its place, the task of the free trader is never finished.