Free Trade Day
Dig into the benefits and disadvantages of free trade, and understand what this commonly tossed around phrase would really mean to the world economy.
Position your organization as a thought leader in global trade policy by hosting educational content or roundtables that help professionals understand free trade implications for their industry.
- 5-minute explainer: How free trade impacts your supply chain
- Expert roundtable: Tariffs, trade agreements, and your bottom line
- Myth-busting guide: Common misconceptions about free trade policy
Economics is a complex social science and its central themes– supply, demand and taxation – are discussed by commentators with many different perspectives. Free Trade Day is one such perspective in modern economic debate.
Historically, the concept of Free Trade was founded by a variety of figures in the 18th century, including Scotsman, Adam Smith. However, the Free Trade movement in the US began during the 19th century when trade was a diverse issue in American politics. High tariffs and fees began to take place during the time of the Civil War, in the early 1860s, when northern traders wanted to protect their trade from the southern competition. The southern trades opted for open trade policies to export their cotton to benefit their businesses.
But free trade in North America didn’t officially begin as a concept until more than a century later in the 1980s with the North American Free Trade Agreement (NAFTA). The advances towards the idea of free trade came from the rate of tariff falling due to interest in foreign trade and the post-war economy of World War II.
Free Trade, from then on, became a topic of discussion as the ’90s and 2000s rolled around. This created many economic debates as companies would internationalize their production to take advantage of larger fields for commerce.
Free Trade Day represents those who argue in favor of free trade and reinstalling free trade and removing the tariff barriers. It supports the idea that lower prices for consumers and growth opportunities for producers would ensue.
Free Trade Day aims to help teach people about the trading system and what the bigger picture is in regards to world markets. Free Trade Day is annually celebrated by encouraging people to purchase from.
Learn More About Free Trade
When it comes to economics, the average person might remember some minor aspects from a course in school or college, but most people could use some brushing up. Free Trade Day would be the ideal time to grow in knowledge about a subject that impacts people literally all over the world. Here are some resources to get started learning about the way Free Trade works: Mad About Trade by Daniel T. Griswold. This book breaks down the complicated concepts of free trade so that the average Main Street American can understand and see the benefits of it.Free Trade Under Fire by Douglas Irwin. Now in its Fifth Edition, this book addresses the saga of the Trans-Pacific Partnership and puts to rest a number of misconceptions around Free Trade.Free Trade Today by Jagdish N. Bhagwati. Based on the Stockholm lectures delivered by Bhagwati, this book features critical insights from revolutionary developments in commercial policy theory.Against the Tide: An Intellectual History of Free Trade by Douglas Irwin. Take a look at the background of Free Trade, as far back as Adam Smith, and trace the ideas of protectionist thinking into the present.
Start a Conversation About Free Trade
After doing a bit of research, those who support the idea of free trade can show their support by bringing friends and family together to discuss it. Of course, depending on the group, it can be brought up at the dinner table casually or perhaps the parties might want a bit of warning ahead of time to know what will be discussed. Look into and discuss information about the benefits and disadvantages of free trade on a national and global scale. Then seek opinions from expert economists about what free trade could do to the economy overall. Perhaps even post those opinions on social media to share ideas and start a conversation.
Watch a Film About International Trade
Those who are interested in films might find these movies a great way to start a discussing about trade and how it is executed in certain situations: This is What Democracy Looks Like (2000). Delving into the politics behind American trade and the World Trade Organization, this film takes a critical view of trade history. Zapatista (1999). Based on the day the North American Free Trade Agreement took place in 1994, an uprising pf Mayan peasants took over in Southeastern Mexico. The Yes Men (2003). This just-for-fun mockumentary features two men who travel around to financial conferences all over the world, impersonating members of the World Trade Organization. The Real Adam Smith: A Personal Exploration by John Norberg (2016). Taking an in-depth view of forward-thinking Adam Smith, “the father of modern economics” and his relevance three centuries later.