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The Case for and against a Policy of Unilateral Trade Liberalization

Ever since Adam Smith first put quill to parchment on the matter almost 250 years ago, many economists have not only sung the praises of free trade, they have also supported a policy of unilateral free trade. Proponents of unilateralism argue that the economic well-being of a country’s people rises the more they are allowed by their own government to trade freely with foreigners regardless of the economic policies pursued by foreign governments. Here, for example, is Paul Krugman writing in...

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