In Support of Unrestricted National Trade

Free trade is one of the most hotly debated topics in the 21^st century. Economic, moral, and socio-political arguments can be made for or against free trade. A better understanding of the history of free trade will help individuals seeking to develop a well-informed and ethical opinion in the matter of unrestricted national trade. In the masterpiece of the Scottish economist, Adam Smith, The Wealth of Nations, economics are discussed from the dawn of the Industrial Revolution. Adam Smith advocated a free market as being more productive and beneficial to society.

Unrestricted national trade has its roots in mercantilism, which is defined as "a system of political and economic policy, evolving with the modern national state and seeking to secure a nation's political and economic supremacy in its rivalry with other states. According to this system, money was regarded as a store of wealth, and the goal of a state was the accumulation of precious metals, by exporting the largest possible quantity of its products and importing as little as possible, thus establishing a favorable balance of trade. "

This favorable balance of trade between nations I believe is a good reason to support unrestricted national trade. Free trade is thought to make a society richer. Nations with a trade restriction in place have a disadvantage in the global market place.

Free trade is shown by classical economics to increase the global level of output because it permits specialization among countries allowing them to devote their unique resources to the production of particular goods and services. This gives the country a comparative advantage.

A socioeconomic argument for free trade is that it reduces poverty among the nations participating. Increasing trade is thought to relieve extreme poverty throughout the world. Countries affected by free trade may be socially influenced to better the economic injustices imposed upon their citizens. While some are given to the school of thought to impose trade embargos on countries with human rights violations, another consideration is that these very embargos will result in goods and services being withheld from those very citizens we are seeking to protect.

Sources:

http://en.wikipedia.org/wiki/Free_trade_debate#Production_possibilities_frontiers_and_indifference_curves

http://dictionary.reference.com/search?q=mercantile%20system

http://en.wikipedia.org/wiki/The_Wealth_of_Nations