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Free trade

Index Free trade

Free trade is a free market policy followed by some international markets in which countries' governments do not restrict imports from, or exports to, other countries. [1]

194 relations: Abraham Lincoln, Absolute advantage, Adam Smith, Alan Blinder, Alcohol, Alexander Hamilton, American Civil War, American Revolution, American Revolutionary War, American System (economic plan), Ancient Greece, Andrew Jackson, Anti-Corn Law League, Arthur Nussbaum, Autarky, Balanced trade, Bengal, Benjamin Disraeli, Borderless selling, British America, British Empire, C. Fred Bergsten, Capital (economics), Capitulation (treaty), Capitulations of the Ottoman Empire, Child labour, China, Cobden–Chevalier Treaty, Colonialism, Commercial policy, Communism, Comparative advantage, Congressional Record, Cordell Hull, Corn Laws, Culture change, Customs union, David R. Henderson, David Ricardo, Democratic Party (United States), Doha Development Round, Dominican Republic–Central America Free Trade Agreement, Donald J. Boudreaux, Dumping (pricing policy), Duty (economics), Economic efficiency, Economic freedom, Economic globalization, Economic inequality, Economic liberalism, ..., Economic liberalization, Economic nationalism, Economic sanctions, Egypt, Environmental degradation, European Coal and Steel Community, European Economic Area, European Economic Community, European Union, European Union free trade agreements, Exploitation of labour, Export-oriented industrialization, Factors of production, Fair trade, Four Asian Tigers, Fourteen Points, Francisco de Vitoria, Franklin Pierce, Free market, Free trade, Free Trade Area of the Americas, Free-trade area, Free-trade zone, Freedom of choice, Friedrich List, General Agreement on Tariffs and Trade, German Americans, Global Enabling Trade Report, Goods, Goods and services, Great Depression, Greg Mankiw, Grover Cleveland, Ha-Joon Chang, Hanseatic League, Henry Charles Carey, Henry Clay, Henry Ford, Henry George, History of the Mediterranean region, Hoover Institution, Imperialism, Import quota, Import substitution industrialization, Indian subcontinent, Industrial policy, Inner Six, Isolationism, Jagdish Bhagwati, James Buchanan, James K. Polk, John Ramsay McCulloch, John Stuart Mill, John Tyler, Jurist, Jus gentium, Karl Marx, Labour movement, Laissez-faire, Land value tax, Larry Schweikart, Left-wing politics, Legal person, Legislation, Liberty Fund, Mainstream economics, Market (economics), Martin Van Buren, Mercantilism, Mercosur, Military, Monopoly, Motu proprio, Multilateral trade negotiations, Multilateralism, Navigation Acts, Non-tariff barriers to trade, North American Free Trade Agreement, Offshore outsourcing, Offshoring, Oligopoly, Oliver Morton Dickerson, On the Principles of Political Economy and Taxation, Open market, Opportunity cost, Ottoman Empire, Pacific Ocean, Palgrave Macmillan, Papal States, Paul Bairoch, Peterson Institute for International Economics, Pope Pius VII, Populism, Prime Minister of the United Kingdom, Princeton University Press, Prohibitory Act, Prostitution, Protection or Free Trade, Protectionism, Race to the bottom, Rafael Correa, Reciprocal Tariff Act, Regulation, Republican Party (United States), Richard L. Stroup, Right-wing politics, Roman Empire, SAGE Publications, Second Continental Congress, Single market, Smoot–Hawley Tariff Act, Social cost, Spanish Empire, Springer Science+Business Media, Steelyard, Steven Landsburg, Subsidy, Sweatshop, Tariff, The Communist Manifesto, The Wealth of Nations, Thom Hartmann, Thomas Pugel, Trade Adjustment Assistance, Trade agreement, Trade barrier, Trade bloc, Trade diversion, Trade war, Trans-Pacific Partnership, Transatlantic Trade and Investment Partnership, Treaty of Nanking, Treaty ports, Tyler Cowen, United States, University of Chicago Press, Wage slavery, Whig Party (United States), William Baumol, William McKinley, William Poole (economist), Woodrow Wilson, World Trade Organization, World War II. Expand index (144 more) »

Abraham Lincoln

Abraham Lincoln (February 12, 1809 – April 15, 1865) was an American statesman and lawyer who served as the 16th President of the United States from March 1861 until his assassination in April 1865.

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Absolute advantage

In economics, the principle of absolute advantage refers to the ability of a party (an individual, or firm, or country) to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources.

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Adam Smith

Adam Smith (16 June 1723 NS (5 June 1723 OS) – 17 July 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment era.

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Alan Blinder

Alan Stuart Blinder (born October 14, 1945) is an American economist.

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In chemistry, an alcohol is any organic compound in which the hydroxyl functional group (–OH) is bound to a carbon.

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Alexander Hamilton

Alexander Hamilton (January 11, 1755 or 1757July 12, 1804) was a statesman and one of the Founding Fathers of the United States.

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American Civil War

The American Civil War (also known by other names) was a war fought in the United States from 1861 to 1865.

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American Revolution

The American Revolution was a colonial revolt that took place between 1765 and 1783.

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American Revolutionary War

The American Revolutionary War (17751783), also known as the American War of Independence, was a global war that began as a conflict between Great Britain and its Thirteen Colonies which declared independence as the United States of America. After 1765, growing philosophical and political differences strained the relationship between Great Britain and its colonies. Patriot protests against taxation without representation followed the Stamp Act and escalated into boycotts, which culminated in 1773 with the Sons of Liberty destroying a shipment of tea in Boston Harbor. Britain responded by closing Boston Harbor and passing a series of punitive measures against Massachusetts Bay Colony. Massachusetts colonists responded with the Suffolk Resolves, and they established a shadow government which wrested control of the countryside from the Crown. Twelve colonies formed a Continental Congress to coordinate their resistance, establishing committees and conventions that effectively seized power. British attempts to disarm the Massachusetts militia at Concord, Massachusetts in April 1775 led to open combat. Militia forces then besieged Boston, forcing a British evacuation in March 1776, and Congress appointed George Washington to command the Continental Army. Concurrently, an American attempt to invade Quebec and raise rebellion against the British failed decisively. On July 2, 1776, the Continental Congress voted for independence, issuing its declaration on July 4. Sir William Howe launched a British counter-offensive, capturing New York City and leaving American morale at a low ebb. However, victories at Trenton and Princeton restored American confidence. In 1777, the British launched an invasion from Quebec under John Burgoyne, intending to isolate the New England Colonies. Instead of assisting this effort, Howe took his army on a separate campaign against Philadelphia, and Burgoyne was decisively defeated at Saratoga in October 1777. Burgoyne's defeat had drastic consequences. France formally allied with the Americans and entered the war in 1778, and Spain joined the war the following year as an ally of France but not as an ally of the United States. In 1780, the Kingdom of Mysore attacked the British in India, and tensions between Great Britain and the Netherlands erupted into open war. In North America, the British mounted a "Southern strategy" led by Charles Cornwallis which hinged upon a Loyalist uprising, but too few came forward. Cornwallis suffered reversals at King's Mountain and Cowpens. He retreated to Yorktown, Virginia, intending an evacuation, but a decisive French naval victory deprived him of an escape. A Franco-American army led by the Comte de Rochambeau and Washington then besieged Cornwallis' army and, with no sign of relief, he surrendered in October 1781. Whigs in Britain had long opposed the pro-war Tories in Parliament, and the surrender gave them the upper hand. In early 1782, Parliament voted to end all offensive operations in North America, but the war continued in Europe and India. Britain remained under siege in Gibraltar but scored a major victory over the French navy. On September 3, 1783, the belligerent parties signed the Treaty of Paris in which Great Britain agreed to recognize the sovereignty of the United States and formally end the war. French involvement had proven decisive,Brooks, Richard (editor). Atlas of World Military History. HarperCollins, 2000, p. 101 "Washington's success in keeping the army together deprived the British of victory, but French intervention won the war." but France made few gains and incurred crippling debts. Spain made some minor territorial gains but failed in its primary aim of recovering Gibraltar. The Dutch were defeated on all counts and were compelled to cede territory to Great Britain. In India, the war against Mysore and its allies concluded in 1784 without any territorial changes.

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American System (economic plan)

The American System was an economic plan that played an important role in American policy during the first half of the 19th century.

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Ancient Greece

Ancient Greece was a civilization belonging to a period of Greek history from the Greek Dark Ages of the 13th–9th centuries BC to the end of antiquity (AD 600).

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Andrew Jackson

Andrew Jackson (March 15, 1767 – June 8, 1845) was an American soldier and statesman who served as the seventh President of the United States from 1829 to 1837.

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Anti-Corn Law League

The Anti-Corn Law League was a successful political movement in Great Britain aimed at the abolition of the unpopular Corn Laws, which protected landowners’ interests by levying taxes on imported wheat, thus raising the price of bread at a time when factory-owners were trying to cut wages.

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Arthur Nussbaum

Arthur Nussbaum (January 31, 1877 – November 22, 1964) was a German-born American jurist.

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Autarky is the quality of being self-sufficient.

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Balanced trade

Balanced trade is an alternative economic model to free trade.

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Bengal (Bānglā/Bôngô /) is a geopolitical, cultural and historical region in Asia, which is located in the eastern part of the Indian subcontinent at the apex of the Bay of Bengal.

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Benjamin Disraeli

Benjamin Disraeli, 1st Earl of Beaconsfield, (21 December 1804 – 19 April 1881) was a British statesman of the Conservative Party who twice served as Prime Minister of the United Kingdom.

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Borderless selling

Borderless selling is the process of selling services to clients outside the country of origin of services through modern methods which eliminate the actions specifically designed to hinder international trade.

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British America

British America refers to English Crown colony territories on the continent of North America and Bermuda, Central America, the Caribbean, and Guyana from 1607 to 1783.

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British Empire

The British Empire comprised the dominions, colonies, protectorates, mandates and other territories ruled or administered by the United Kingdom and its predecessor states.

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C. Fred Bergsten


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Capital (economics)

In economics, capital consists of an asset that can enhance one's power to perform economically useful work.

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Capitulation (treaty)

A capitulation (from Lat. caput) is a treaty or unilateral contract by which a sovereign state relinquishes jurisdiction within its borders over the subjects of a foreign state.

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Capitulations of the Ottoman Empire

Capitulations of the Ottoman Empire were contracts between the Ottoman Empire and European powers, particularly France.

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Child labour

Child labour refers to the employment of children in any work that deprives children of their childhood, interferes with their ability to attend regular school, and that is mentally, physically, socially or morally dangerous and harmful.

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China, officially the People's Republic of China (PRC), is a unitary one-party sovereign state in East Asia and the world's most populous country, with a population of around /1e9 round 3 billion.

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Cobden–Chevalier Treaty

The Cobden–Chevalier Treaty was an Anglo-French free trade agreement signed between the United Kingdom and France on 23 January 1860.

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Colonialism is the policy of a polity seeking to extend or retain its authority over other people or territories, generally with the aim of developing or exploiting them to the benefit of the colonizing country and of helping the colonies modernize in terms defined by the colonizers, especially in economics, religion and health.

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Commercial policy

A commercial policy (also referred to as a trade policy or international trade policy) is a governmental policy governing economic transactions across international borders.

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In political and social sciences, communism (from Latin communis, "common, universal") is the philosophical, social, political, and economic ideology and movement whose ultimate goal is the establishment of the communist society, which is a socioeconomic order structured upon the common ownership of the means of production and the absence of social classes, money and the state.

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Comparative advantage

The law or principle of comparative advantage holds that under free trade, an agent will produce more of and consume less of a good for which they have a comparative advantage.

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Congressional Record

The Congressional Record is the official record of the proceedings and debates of the United States Congress, published by the United States Government Publishing Office and issued when Congress is in session.

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Cordell Hull

Cordell Hull (October 2, 1871July 23, 1955) was an American politician from the U.S. state of Tennessee.

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Corn Laws

The Corn Laws were tariffs and other trade restrictions on imported food and grain ("corn") enforced in Great Britain between 1815 and 1846.

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Culture change

Culture change is a term used in public policy making that emphasizes the influence of cultural capital on individual and community behavior.

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Customs union

A customs union was defined by the General Agreement on Tariffs and Trade as a type of trade bloc which is composed of a free trade area with a common external tariff.

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David R. Henderson

David R. Henderson (born November 21, 1950) is a Canadian-born American economist and author who moved to the United States in 1972 and became a U.S. citizen in 1986, serving on President Ronald Reagan’s Council of Economic Advisers from 1982 to 1984.

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David Ricardo

David Ricardo (18 April 1772 – 11 September 1823) was a British political economist, one of the most influential of the classical economists along with Thomas Malthus, Adam Smith and James Mill.

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Democratic Party (United States)

The Democratic Party is one of the two major contemporary political parties in the United States, along with the Republican Party (nicknamed the GOP for Grand Old Party).

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Doha Development Round

The Doha Development Round or Doha Development Agenda (DDA) is the trade-negotiation round of the World Trade Organization (WTO) which commenced in November 2001 under then director-general Mike Moore.

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Dominican Republic–Central America Free Trade Agreement

The Dominican Republic–Central America Free Trade Agreement (CAFTA-DR) is a free trade agreement (legally a treaty under international law, but not under U.S. law).

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Donald J. Boudreaux

Donald Joseph Boudreaux (born September 10, 1958) is an American economist, author, professor, and co-director of the Program on the American Economy and Globalization at the Mercatus Center at George Mason University in Fairfax, Virginia.

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Dumping (pricing policy)

Dumping, in economics, is a kind of injuring pricing, especially in the context of international trade.

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Duty (economics)

In economics, a duty is a kind of tax levied by a state.

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Economic efficiency

Economic efficiency is, roughly speaking, a situation in which nothing can be improved without something else being hurt.

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Economic freedom

Economic freedom or economic liberty is the ability of people of a society to take economic actions.

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Economic globalization

Economic globalization is one of the three main dimensions of globalization commonly found in academic literature, with the two others being political globalization and cultural globalization, as well as the general term of globalization.

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Economic inequality

Economic inequality is the difference found in various measures of economic well-being among individuals in a group, among groups in a population, or among countries.

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Economic liberalism

Economic liberalism is an economic system organized on individual lines, which means the greatest possible number of economic decisions are made by individuals or households rather than by collective institutions or organizations.

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Economic liberalization

Economic liberalization (or economic liberalisation) is the lessening of government regulations and restrictions in an economy in exchange for greater participation by private entities; the doctrine is associated with classical liberalism.

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Economic nationalism

Economic nationalism, or economic patriotism, refers to an ideology that favors state interventionism in the economy, with policies that emphasize domestic control of the economy, labor, and capital formation, even if this requires the imposition of tariffs and other restrictions on the movement of labor, goods and capital.

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Economic sanctions

Economic sanctions are commercial and financial penalties applied by one or more countries against a targeted country, group, or individual.

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Egypt (مِصر, مَصر, Khēmi), officially the Arab Republic of Egypt, is a transcontinental country spanning the northeast corner of Africa and southwest corner of Asia by a land bridge formed by the Sinai Peninsula.

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Environmental degradation

Environmental degradation is the deterioration of the environment through depletion of resources such as air, water and soil; the destruction of ecosystems; habitat destruction; the extinction of wildlife; and pollution.

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European Coal and Steel Community

The European Coal and Steel Community (ECSC) was an organisation of 6 European countries set up after World War II to regulate their industrial production under a centralised authority.

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European Economic Area

The European Economic Area (EEA) is the area in which the Agreement on the EEA provides for the free movement of persons, goods, services and capital within the European Single Market, including the freedom to choose residence in any country within this area.

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European Economic Community

The European Economic Community (EEC) was a regional organisation which aimed to bring about economic integration among its member states.

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European Union

The European Union (EU) is a political and economic union of EUnum member states that are located primarily in Europe.

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European Union free trade agreements

The European Union has concluded free trade agreements (FTAs) and other agreements with a trade component with many countries worldwide and is negotiating with many others.

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Exploitation of labour

Exploitation of labour is the act of treating one's workers unfairly for one's own benefit.

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Export-oriented industrialization

Export-oriented industrialization (EOI) sometimes called export substitution industrialization (ESI), export led industrialization (ELI) or export-led growth is a trade and economic policy aiming to speed up the industrialization process of a country by exporting goods for which the nation has a comparative advantage.

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Factors of production

In economics, factors of production, resources, or inputs are which is used in the production process to produce output—that is, finished goods and services.

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Fair trade

Fair trade is a social movement whose stated goal is to help producers in developing countries achieve better trading conditions.

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Four Asian Tigers

The Four Asian Tigers, Four Asian Dragons or Four Little Dragons, are the economies of Hong Kong, Singapore, South Korea and Taiwan, which underwent rapid industrialization and maintained exceptionally high growth rates (in excess of 7 percent a year) between the early 1960s (mid-1950s for Hong Kong) and 1990s.

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Fourteen Points

U.S. President Woodrow Wilson The Fourteen Points was a statement of principles for peace that was to be used for peace negotiations in order to end World War I. The principles were outlined in a January 8, 1918 speech on war aims and peace terms to the United States Congress by President Woodrow Wilson.

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Francisco de Vitoria

Francisco de Vitoria (– 12 August 1546; also known as Francisco de Victoria) was a Roman Catholic philosopher, theologian, and jurist of Renaissance Spain.

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Franklin Pierce

Franklin Pierce (November 23, 1804 – October 8, 1869) was the 14th President of the United States (1853–1857), a northern Democrat who saw the abolitionist movement as a fundamental threat to the unity of the nation.

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Free market

In economics, a free market is an idealized system in which the prices for goods and services are determined by the open market and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.

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Free trade

Free trade is a free market policy followed by some international markets in which countries' governments do not restrict imports from, or exports to, other countries.

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Free Trade Area of the Americas

The Free Trade Area of the Americas (FTAA; Área de Libre Comercio de las Américas, ALCA; Zone de libre-échange des Amériques, ZLÉA; Área de Livre Comércio das Américas, ALCA; Vrijhandelszone van Amerika) was a proposed agreement to eliminate or reduce the trade barriers among all countries in the Americas, excluding Cuba.

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Free-trade area

A free-trade area is the region encompassing a trade bloc whose member countries have signed a free-trade agreement (FTA).

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Free-trade zone

A free-trade zone (FTZ) is a specific class of special economic zone.

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Freedom of choice

Freedom of choice describes an individual's opportunity and autonomy to perform an action selected from at least two available options, unconstrained by external parties.

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Friedrich List

Georg Friedrich List (6 August 1789 – 30 November 1846) was a German economist with dual American citizenship who developed the "National System", also known as the National System of Innovation.

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General Agreement on Tariffs and Trade

General Agreement on Tariffs and Trade (GATT) was a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.

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German Americans

German Americans (Deutschamerikaner) are Americans who have full or partial German ancestry.

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Global Enabling Trade Report

The Global Enabling Trade Report was first published in 2008 by the World Economic Forum.

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In economics, goods are materials that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product.

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Goods and services

Goods are items that are tangible, such as pens, salt, apples, oganesson, and hats.

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Great Depression

The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States.

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Greg Mankiw

Nicholas Gregory Mankiw (born February 3, 1958) is an American macroeconomist and the Robert M. Beren Professor of Economics at Harvard University.

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Grover Cleveland

Stephen Grover Cleveland (March 18, 1837 – June 24, 1908) was an American politician and lawyer who was the 22nd and 24th President of the United States, the only president in American history to serve two non-consecutive terms in office (1885–1889 and 1893–1897).

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Ha-Joon Chang

Ha-Joon Chang (born 7 October 1963) is a South Korean institutional economist and socialist specialising in development economics.

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Hanseatic League

The Hanseatic League (Middle Low German: Hanse, Düdesche Hanse, Hansa; Standard German: Deutsche Hanse; Latin: Hansa Teutonica) was a commercial and defensive confederation of merchant guilds and market towns in Northwestern and Central Europe.

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Henry Charles Carey

Henry Charles Carey (December 15, 1793 – October 13, 1879) was a leading 19th-century economist of the American School of capitalism, and chief economic adviser to U.S. President Abraham Lincoln.

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Henry Clay

Henry Clay Sr. (April 12, 1777 – June 29, 1852) was an American lawyer, planter, and statesman who represented Kentucky in both the United States Senate and House of Representatives.

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Henry Ford

Henry Ford (July 30, 1863 – April 7, 1947) was an American captain of industry and a business magnate, the founder of the Ford Motor Company, and the sponsor of the development of the assembly line technique of mass production.

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Henry George

Henry George (September 2, 1839 – October 29, 1897) was an American political economist and journalist.

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History of the Mediterranean region

The Mediterranean Sea was the central superhighway of transport, trade and cultural exchange between diverse peoples encompassing three continents: Western Asia, North Africa, and Southern Europe.

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Hoover Institution

The Hoover Institution is an American public policy think tank and research institution located at Stanford University in California.

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Imperialism is a policy that involves a nation extending its power by the acquisition of lands by purchase, diplomacy or military force.

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Import quota

An import quota is a type of trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time.

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Import substitution industrialization

Import substitution industrialization (ISI) is a trade and economic policy which advocates replacing foreign imports with domestic production.

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Indian subcontinent

The Indian subcontinent is a southern region and peninsula of Asia, mostly situated on the Indian Plate and projecting southwards into the Indian Ocean from the Himalayas.

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Industrial policy

The industrial policy of a country, sometimes denoted IP, is its official strategic effort to encourage the development and growth of part or all of the manufacturing sector as well as other sectors of the economy.

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Inner Six

The Inner Six, or simply "the Six", were the six founding member states of the European Communities.

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Isolationism is a category of foreign policies institutionalized by leaders who assert that their nations' best interests are best served by keeping the affairs of other countries at a distance.

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Jagdish Bhagwati

Jagdish Natwarlal Bhagwati (born July 26, 1934) is an Indian-born naturalized American economist.

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James Buchanan

James Buchanan Jr. (April 23, 1791June 1, 1868) was an American politician who served as the 15th President of the United States (1857–61), serving immediately prior to the American Civil War.

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James K. Polk

James Knox Polk (November 2, 1795 – June 15, 1849) was an American politician who served as the 11th President of the United States (1845–1849).

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John Ramsay McCulloch

John Ramsey McCulloch (1 March 1789 – 11 November 1864) was a Scottish economist, author and editor, widely regarded as the leader of the Ricardian school of economists after the death of David Ricardo in 1823.

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John Stuart Mill

John Stuart Mill, also known as J.S. Mill, (20 May 1806 – 8 May 1873) was a British philosopher, political economist, and civil servant.

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John Tyler

No description.

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A jurist (from medieval Latin) is someone who researches and studies jurisprudence (theory of law).

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Jus gentium

The ius gentium or jus gentium (Latin for "law of nations") is a concept of international law within the ancient Roman legal system and Western law traditions based on or influenced by it.

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Karl Marx

Karl MarxThe name "Karl Heinrich Marx", used in various lexicons, is based on an error.

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Labour movement

The labour movement or labor movement consists of two main wings, the trade union movement (British English) or labor union movement (American English), also called trade unionism or labor unionism on the one hand, and the political labour movement on the other.

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Laissez-faire (from) is an economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs and subsidies.

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Land value tax

A land/location value tax (LVT), also called a site valuation tax, split rate tax, or site-value rating, is an ad valorem levy on the unimproved value of land.

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Larry Schweikart

Larry Earl Schweikart (born April 21, 1951 in Mesa, Arizona) is an American historian and retired professor of history at the University of Dayton.

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Left-wing politics

Left-wing politics supports social equality and egalitarianism, often in opposition to social hierarchy.

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Legal person

A legal person (in legal contexts often simply person, less ambiguously legal entity) is any human or non-human entity, in other words, any human being, firm, or government agency that is recognized as having privileges and obligations, such as having the ability to enter into contracts, to sue, and to be sued.

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Legislation (or "statutory law") is law which has been promulgated (or "enacted") by a legislature or other governing body or the process of making it.

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Liberty Fund

Liberty Fund, Inc. is a nonprofit foundation headquartered in Indianapolis, Indiana which promulgates the libertarian views of its founder, Pierre F. Goodrich through publishing, conferences, and educational resources.

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Mainstream economics

Mainstream economics may be used to describe the body of knowledge, theories, and models of economics, as taught across universities, that are generally accepted by economists as a basis for discussion.

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Market (economics)

A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange.

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Martin Van Buren

Maarten "Martin" Van Buren (December 5, 1782 – July 24, 1862) was an American statesman who served as the eighth President of the United States from 1837 to 1841.

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Mercantilism is a national economic policy designed to maximize the trade of a nation and, historically, to maximize the accumulation of gold and silver (as well as crops).

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Mercosur (also known as Mercosul or Ñemby Ñemuha) is a South American trade bloc established by the Treaty of Asunción in 1991 and Protocol of Ouro Preto in 1994.

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A military or armed force is a professional organization formally authorized by a sovereign state to use lethal or deadly force and weapons to support the interests of the state.

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A monopoly (from Greek μόνος mónos and πωλεῖν pōleîn) exists when a specific person or enterprise is the only supplier of a particular commodity.

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Motu proprio

In law, motu proprio (Latin for: "on his own impulse") describes an official act taken without a formal request from another party.

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Multilateral trade negotiations

The term multilateral trade negotiations initially applied to negotiations between General Agreement on Tariffs and Trade (GATT) member nations conducted under the auspices of the GATT and aimed at reducing tariff and nontariff trade barriers.

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In international relations, multilateralism refers to an alliance of multiple countries pursuing a common goal.

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Navigation Acts

The Navigation Acts were a series of English laws that restricted colonial trade to England.

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Non-tariff barriers to trade

Non-tariff barriers to trade (NTBs) or sometimes called "Non-Tariff Measures (NTMs)" are trade barriers that restrict imports or exports of goods or services through mechanisms other than the simple imposition of tariffs.

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North American Free Trade Agreement

The North American Free Trade Agreement (NAFTA; Spanish: Tratado de Libre Comercio de América del Norte, TLCAN; French: Accord de libre-échange nord-américain, ALÉNA) is an agreement signed by Canada, Mexico, and the United States, creating a trilateral trade bloc in North America.

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Offshore outsourcing

Offshore outsourcing is the practice of hiring an external organization to perform some business functions ("Outsourcing") in a country other than the one where the products or services are actually developed or manufactured ("Offshore").

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Offshoring is the relocation of a business process from one country to another—typically an operational process, such as manufacturing, or supporting processes, such as accounting.

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An oligopoly (from Ancient Greek ὀλίγος (olígos) "few" + πωλεῖν (polein) "to sell") is a market form wherein a market or industry is dominated by a small number of large sellers (oligopolists).

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Oliver Morton Dickerson

Oliver Morton Dickerson (September 8, 1875 – November 26, 1966) was an American historian, author, and educator.

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On the Principles of Political Economy and Taxation

On the Principles of Political Economy and Taxation (19 April 1817) is a book by David Ricardo on economics.

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Open market

The term open market is used generally to refer to an economic situation close to free trade.

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Opportunity cost

In microeconomic theory, the opportunity cost, also known as alternative cost, is the value (not a benefit) of the choice in terms of the best alternative while making a decision.

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Ottoman Empire

The Ottoman Empire (دولت عليه عثمانیه,, literally The Exalted Ottoman State; Modern Turkish: Osmanlı İmparatorluğu or Osmanlı Devleti), also historically known in Western Europe as the Turkish Empire"The Ottoman Empire-also known in Europe as the Turkish Empire" or simply Turkey, was a state that controlled much of Southeast Europe, Western Asia and North Africa between the 14th and early 20th centuries.

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Pacific Ocean

The Pacific Ocean is the largest and deepest of Earth's oceanic divisions.

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Palgrave Macmillan

Palgrave Macmillan is an international academic and trade publishing company.

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Papal States

The Papal States, officially the State of the Church (Stato della Chiesa,; Status Ecclesiasticus; also Dicio Pontificia), were a series of territories in the Italian Peninsula under the direct sovereign rule of the Pope, from the 8th century until 1870.

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Paul Bairoch

Paul Bairoch (24 July 1930 in Antwerp – 12 February 1999 in Geneva) was one of the great post-war economic historians who specialised in global economic history, urban history and historical demography.

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Peterson Institute for International Economics

The Peterson Institute for International Economics (PIIE; Peterson Institute), until 2006 the Institute for International Economics (IIE), is a private and non-profit think tank focused on international economics, based in Washington, D.C. It was founded by C. Fred Bergsten in 1981, and is led by Adam S. Posen.

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Pope Pius VII

Pope Pius VII (14 August 1742 – 20 August 1823), born Barnaba Niccolò Maria Luigi Chiaramonti, was head of the Catholic Church and ruler of the Papal States from 14 March 1800 to his death in 1823.

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In politics, populism refers to a range of approaches which emphasise the role of "the people" and often juxtapose this group against "the elite".

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Prime Minister of the United Kingdom

The Prime Minister of the United Kingdom is the head of the United Kingdom government.

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Princeton University Press

Princeton University Press is an independent publisher with close connections to Princeton University.

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Prohibitory Act

The Prohibitory Act of 1775 was passed as a measure of retaliation by Great Britain against the general rebellion then going on in the American colonies, which became known as the American Revolutionary War (or, to the British, the American War of Independence).

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Prostitution is the business or practice of engaging in sexual activity in exchange for payment.

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Protection or Free Trade

Protection or Free Trade is a book published in 1886 by the economist and social philosopher, Henry George.

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Protectionism is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations.

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Race to the bottom

The race to the bottom is a socio-economic phrase which is used to describe government deregulation of the business environment, or reduction in tax rates, in order to attract or retain economic activity in their jurisdictions.

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Rafael Correa

Rafael Vicente Correa Delgado (born 6 April 1963) is an Ecuadorian politician and economist who served as President of Ecuador from 2007 to 2017.

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Reciprocal Tariff Act

The Reciprocal Tariff Act (enacted June 12, 1934, ch. 474) provided for the negotiation of tariff agreements between the United States and separate nations, particularly Latin American countries.

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Regulation is an abstract concept of management of complex systems according to a set of rules and trends.

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Republican Party (United States)

The Republican Party, also referred to as the GOP (abbreviation for Grand Old Party), is one of the two major political parties in the United States, the other being its historic rival, the Democratic Party.

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Richard L. Stroup

Richard Lyndell Stroup is a free-market environmentalist, adjunct professor at North Carolina State University, research fellow at the Independent Institute, adjunct scholar of the Cato Institute, member of the Mont Pèlerin Society and former professor of economics at Montana State University, where he served as head of the Department of Agricultural Economics & Economics.

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Right-wing politics

Right-wing politics hold that certain social orders and hierarchies are inevitable, natural, normal or desirable, typically supporting this position on the basis of natural law, economics or tradition.

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Roman Empire

The Roman Empire (Imperium Rōmānum,; Koine and Medieval Greek: Βασιλεία τῶν Ῥωμαίων, tr.) was the post-Roman Republic period of the ancient Roman civilization, characterized by government headed by emperors and large territorial holdings around the Mediterranean Sea in Europe, Africa and Asia.

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SAGE Publications

SAGE Publishing is an independent publishing company founded in 1965 in New York by Sara Miller McCune and now based in California.

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Second Continental Congress

The Second Continental Congress was a convention of delegates from the Thirteen Colonies that started meeting in the spring of 1775 in Philadelphia, Pennsylvania.

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Single market

A single market is a type of trade bloc in which most trade barriers have been removed (for goods) with some common policies on product regulation, and freedom of movement of the factors of production (capital and labour) and of enterprise and services.

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Smoot–Hawley Tariff Act

The Tariff Act of 1930 (codified at), commonly known as the Smoot–Hawley Tariff or Hawley–Smoot Tariff, was an act implementing protectionist trade policies sponsored by Senator Reed Smoot and Representative Willis C. Hawley and was signed into law on June 17, 1930.

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Social cost

Social cost in economics is the sum of the private costs resulting from a transaction and the costs imposed on the consumers as a consequence of being exposed to the md's transaction for which they are not compensated or charged.

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Spanish Empire

The Spanish Empire (Imperio Español; Imperium Hispanicum), historically known as the Hispanic Monarchy (Monarquía Hispánica) and as the Catholic Monarchy (Monarquía Católica) was one of the largest empires in history.

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Springer Science+Business Media

Springer Science+Business Media or Springer, part of Springer Nature since 2015, is a global publishing company that publishes books, e-books and peer-reviewed journals in science, humanities, technical and medical (STM) publishing.

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The Steelyard, from the Middle Low German Stalhof, was the main trading base (kontor) of the Hanseatic League in London during 15th and 16th centuries.

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Steven Landsburg

Steven E. Landsburg (born February 24, 1954) is an American professor of economics at the University of Rochester in Rochester, New York.

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A subsidy is a form of financial aid or support extended to an economic sector (or institution, business, or individual) generally with the aim of promoting economic and social policy.

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Sweatshop (or sweat factory) is a pejorative term for a workplace that has very poor, socially unacceptable working conditions.

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A tariff is a tax on imports or exports between sovereign states.

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The Communist Manifesto

The Communist Manifesto (originally Manifesto of the Communist Party) is an 1848 political pamphlet by German philosophers Karl Marx and Friedrich Engels.

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The Wealth of Nations

An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith.

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Thom Hartmann

Thomas Carl Hartmann (born May 7, 1951) is an American radio host, author, former psychotherapist, businessman, and progressive political commentator.

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Thomas Pugel

Thomas A. Pugel is the Vice Dean of Executive Programs and a professor of economics and global business at New York University Stern School of Business.

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Trade Adjustment Assistance

Trade Adjustment Assistance (TAA) is a federal program of the United States government to act as a way to reduce the damaging impact of imports felt by certain sectors of the U.S. economy.

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Trade agreement

A trade agreement (also known as trade pact) is a wide ranging taxes, tariff and trade treaty that often includes investment guarantees.

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Trade barrier

Trade barriers are government-induced restrictions on international trade.

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Trade bloc

A trade block is a type of intergovernmental agreement, often part of a regional intergovernmental organization, where barriers to trade (tariffs and others) are reduced or eliminated among the participating states.

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Trade diversion

Trade diversion is an economic term related to international economics in which trade is diverted from a more efficient exporter towards a less efficient one by the formation of a free trade agreement or a customs union.

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Trade war

A trade war is an economic conflict resulting from extreme protectionism in which states raise or create tariffs or other trade barriers against each other in response to trade barriers created by the other party.

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Trans-Pacific Partnership

The Trans-Pacific Partnership (TPP) is a trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and United States signed on 4 February 2016, which was not ratified as required and did not take effect.

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Transatlantic Trade and Investment Partnership

The Transatlantic Trade and Investment Partnership (TTIP) is a proposed trade agreement between the European Union and the United States, with the aim of promoting trade and multilateral economic growth.

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Treaty of Nanking

The Treaty of Nanking or Nanjing was a peace treaty which ended the First Opium War (1839–42) between the United Kingdom and the Qing dynasty of China on 29 August 1842.

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Treaty ports

The treaty ports was the name given to the port cities in China and Japan that were opened to foreign trade by the unequal treaties with the Western powers.

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Tyler Cowen

Tyler Cowen (born January 21, 1962) is an American economist, who is an economics professor at George Mason University, where he holds the Holbert C. Harris chair in the economics department.

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United States

The United States of America (USA), commonly known as the United States (U.S.) or America, is a federal republic composed of 50 states, a federal district, five major self-governing territories, and various possessions.

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University of Chicago Press

The University of Chicago Press is the largest and one of the oldest university presses in the United States.

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Wage slavery

Wage slavery is a term used to draw an analogy between slavery and wage labor by focusing on similarities between owning and renting a person.

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Whig Party (United States)

The Whig Party was a political party active in the middle of the 19th century in the United States.

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William Baumol

William Jack Baumol (February 26, 1922 – May 4, 2017) was an American economist.

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William McKinley

William McKinley (January 29, 1843 – September 14, 1901) was the 25th President of the United States, serving from March 4, 1897 until his assassination in September 1901, six months into his second term.

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William Poole (economist)

William Poole (born June 19, 1937) was the eleventh chief executive of the Federal Reserve Bank of St. Louis.

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Woodrow Wilson

Thomas Woodrow Wilson (December 28, 1856 – February 3, 1924) was an American statesman and academic who served as the 28th President of the United States from 1913 to 1921.

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World Trade Organization

The World Trade Organization (WTO) is an intergovernmental organization that regulates international trade.

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World War II

World War II (often abbreviated to WWII or WW2), also known as the Second World War, was a global war that lasted from 1939 to 1945, although conflicts reflecting the ideological clash between what would become the Allied and Axis blocs began earlier.

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Capital mobility, Duty free trade, Duty-free trade, Free Trade, Free exchange, Free trade controversy, Free trade debate, Free-trade, Free-trading, Freetrade, History of free trade, Market liberalization, Non-tariff trade, Open trade, Opposition to free trade, Trade liberalisation, Trade liberalization, Trade-liberalization.


[1] https://en.wikipedia.org/wiki/Free_trade

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