Sunday, December 18, 2005

BBC NEWS | Business | Will there be another trade round?

it is unlikely that there is the political will in the North to expand free trade any further.

At the end of the day, once free trade actually starts to be less beneficial to the developed countries than to the developing ones, watch how fast they backpedal.

What more evidence do you need that free-trade is not all good, than that the powerful avoid it out of self-interest?

1 comment:

Scribe said...

To be clear, there are 2 different sentiments in that last sentence: Firstly, there's the theoretical market failures that a "perfect" free-trade system involves. Secondly, there's the "practical" problem that free-trade is about as utopian and unlikely as communism.

This is more evidence of the latter, but you sound here like it's the downfall of the former ("once free trade actually starts to be less beneficial..."). Maybe that should be "once free trade advocacy actually starts to be less beneficial..."

Picking apart the theory from the practice is one of the most beneficial arguments this world could ever have, IMHO. Too much talk is done based on ideals rather than reality (which, ironically, I guess market mechanisms were supposed to address in the first place).