Free Trade Today

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Free trade and economic globalization are facing significant challenges from various groups, including environmentalists, human rights activists, and traditional protectionist lobbies. These groups, often framing their agendas in terms of justice and rights, have staged prominent protests in cities like Seattle and Prague, questioning the benefits of free trade and labeling it a corporate interest. Building on his previous work, Jagdish Bhagwati draws on his Stockholm lectures and recent developments in commercial policy theory to argue that social and environmental goals can align with free trade. He posits that free trade, by improving living standards, can better support these agendas than trade restrictions can. After defending free trade, Bhagwati explores alternative approaches to achieving it, advocating for multilateralism and critiquing recent bilateral and regional agreements like NAFTA for creating disorder in the global trading system. He also supports unilateral liberalization as a viable path forward. Written in a clear and engaging style, this work is essential for anyone interested in economic policy or the global economy, offering insights from one of today’s leading economic thinkers.