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Is Free Trade Fair ?

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Is Free Trade fair?

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Solution Summary

'Fairness' like beauty is in the eyes of the beholder. Fairness is a double edged sword, with what one nation thinks is fair, may be unfair to other nations. The issue of unfairness arises in three areas, labor policy, environment policy and competition (antitrust) policy. With the diversity in standards, there may be a need to harmonize them. However harmonization should not be at the cost of being morally and ethically wicked.

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Is Free trade Fair?

'Fairness' like beauty is in the eyes of the beholder. Fairness is a double edged sword, with what one nation thinks is fair, may be unfair to other nations. The issue of unfairness arises in three areas, labor policy, environment policy and competition (antitrust) policy. With the diversity in standards, there may be a need to harmonize them. However harmonization should not be at the cost of being morally and ethically wicked.

That Free Trade is beneficial to a country has been a professional code in economics, for more than a hundred years. However, whether it is fair or not is arguable.

The Principle of Comparative Advantage (David, 1817) was one of the basic tenets of free trade economics. . The principle says that what matters is not the absolute production ability but the ability to produce one good relative to another. This is now under attack, because of widely believed biases and strong influences ...

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