There are Reasons for the New Scepticism on Free Trade and Globalization


One of the oldest and most widely held economic theories is that international trade is a win-win situation. Through the benefits of international specialization, all parties to agreements which extend free trade can “win”.  This is the theoretical basis for free trade and globalization. It has become so widely accepted that it’s support has become almost a test of political correctness within the economic profession. Even so, past experience indicates that there are (should be) no sacred cows in economics.  Questions have recently been raised, particularly regarding the distribution of benefits from trade. It is clear that not all groups within [...]