Features of Free Trade
Free trade implies the following features:
- Trade of goods without taxes (including tariffs) or other trade barriers (e.g., quotas on imports or subsidies for producers)
- Trade in services without taxes or other trade barriers
- The absence of "trade-distorting" policies (such as taxes, subsidies, regulations, or laws) that give some firms, households, or factors of production an advantage over others
- Free access to markets
- Free access to market information
- Inability of firms to distort markets through government-imposed monopoly or oligopoly power
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“Art is the child of Nature; yes,
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The features of the mother’s face,
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—Henry Wadsworth Longfellow (1807–1882)
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—Robert Frost (1874–1963)
“I wish all men to be free. I wish the material prosperity of the already free which I feel sure the extinction of slavery would bring.”
—Abraham Lincoln (1809–1865)
“Literature flourishes best when it is half a trade and half an art.”
—W.R. (William Ralph)