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Student Number: 06032336 Globalisation: Economics and Society Free trade represents the trade in goods, services, and the free flow of investment without the introduction of restraining barriers. Many would argue the case for the abolition of these tariff and non-tariff barriers that restrict these actions purely on the moral grounds, "A man or woman engaged in honest work has a basic right to enjoy the fruits of his or her labor. Protectionism is a form of stealing."1 Aside this though there is economic reasoning behind the argument for reduced even eradicated protectionist measures. Firstly free trade would increase competition for producers, which in turn would lead to a reduction in prices of goods and services for consumers, thus enhancing welfare because of a better standard of living. Without trade barriers such as embargoes, and quotas producers that faced lower average costs could potentially compete in foreign markets where they weren't allowed to in...

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