Is Free Trade a Necessity for Aiding Worldwide Economic...

Introduction - In an economic age in which speedy transactions of imports and exports are essential, is free trade a necessity for aiding worldwide economic development? At least John F. Kennedy thought so, he being the initiator of removing tariffs and other limitations on U.S. imports. His hypothesis was that by doing that, other nations would follow Americas example and leadership. This is not a new notion either, nor is it confined to American Presidents. No nation was ever ruined by trade, stated Benjamin Franklin in the 18th century. Franklins maxim is just as true today as it was in the 18th century in that trade is enriching nearly all nations today. In the past ten years free trade has done more to alleviate poverty than any well-intentioned law, regulation, or social policy in history. Even the United States benefits from opening its markets to free trade. Two epochal forces are sweeping the world today: the spread of new technology and the spread of free markets. Their combined effect has been to let capital, labor, and production move more freely across borders. This freedom of movement has allowed for a more efficient allocation of resources, which has made for a more productive, wealthy world (Smith, 2007). Certainly, globalization continues to bring countries together through economic impetus. Inventions, merchandising, even construction can now happen regardless of the location. This brings more economic vitality to more places, and certainly changesShow MoreRelated Free Trade? Essay672 Words   |  3 Pages In an economic age in which speedy transactions of imports and exports are essential, is free trade a necessity for aiding worldwide economic development? At least John F. Kennedy thought so, he being the initiator of removing tariffs and other limitations on U.S. imports. His hypothesis was that by doing that, other nations would follow America’s example and leadership. 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