Free Trade vs. Fair Trade (Essay Sample)
write 400–600 words that respond to the following questions with your thoughts, ideas, and comments.The importance of trade continues to be a debated topic because the gains are not always quantifiable by those involved. Some would argue that due to a significant difference in wages and regulations, free trade is not always fair trade and that free trade agreements are used by companies to simply chase lower wages and fewer regulations. In the United States, this has been an ongoing debate in regard to both the North American Free Trade Agreement (NAFTA) and the normalized trade relationship with China. Take some time to read the following articles before beginning your post:
• Free Trade vs. Fair Trade
• U.S. Trade Strategy: Free Versus Fair
• Which do you feel is a better approach, free or fair trade, and why?
• Given the concept of comparative advantage, should we even be discussing free versus fair trade?References
Drezner, D. W. (2006). U.S. trade strategy free versus fair.
Gillikin, J. (2017). Free trade vs. fair trade. Houston Chronicle.
Free Trade vs. Fair Trade
The ability to trade is important for countries as this way countries can import goods and services they cannot produce while also exporting surplus of the goods they produce. The globalization phenomenon has amplified inter-country trade as goods and services/ labor can easily move around the world as opposed to in the past. Different countries adopt various strategies to trade, and this comes in the form of either free trade of fair trade. The pros and cons of these two approaches have been debated by politicians, policymakers, academics, and the common citizens alike. An evaluation to find out the comparison between these two approaches to trade is undertaken, the strategy being adopted more by the United States highlighted while judgment is also passed on which approach could be better and reasons for such assertions.
Free trade argues for reduction or complete removal of trade barriers such as tariffs so that good and services can move freely between borders depending on market forces as well as the capacity of a country to produce a certain good or service. Free trade is believed to result in expansion and offer opportunities for growth and development, and this is supported by economic theories that state that free trade results in net gain for all the involved parties. Fairtrade on the other hand calls for expansion of trade albeit under certain controlled conditions. Under fair trade, uncontrolled trade is believed to have potent
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