Free Trade & arguments of free trade

Free Trade:

Free trade is that which is free of various negative barrier of business not free of charge. It refers to the trade that is free from all artificial barriers to trade like tariffs, quantitative restrictions, exchange control etc. Economist Adam Smith was the blind supporter of free trade.

Arguments for Free Trade:

a) Increase total production: Utilization of factors of production and product specialization

b). Increase in consumption: Marketers arrange various types of product from all over the world.

c) Reduce monopoly: the condition of free trade is perfect competition, so it reduce monopoly.

d) Seller’s benefit: Seller can sell their additional products at the highest possible price.

e) Price balance: Due to the intensive competition, producers cannot charge the unreasonable price.

f) Customer’s benefit: Consumer can collect their expected product at the lowest possible cost.

g) Economic development: Free trade impact on income, consumption, saving, investment, and employment.

h) International specialization: A country will produce the product according to her specialization.

i) International peace: Free trade builds a strong relationship and cooperation with foreign countries.

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