Free Trade

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  • Exchange of goods, services, and assets across national boundaries with very little or no inter ruption. In politics, as well as economics, there is nothing like absolute freedom. This means that to obtain the maximum or optimal benefit from trade, only the nec essary safeguards or restrictions should be considered in economic relations. Excessive restrictions inhibit improvement on general welfare because they sustain prices above the market clearing rate, limit consumption, promote inefficiency, discourage innovation, and prevent fair competition or movement of economic resources across national boundaries.

    Free trade is analogous to openness to trade, and for comparative and analytical reasons, some economists measure the degree of openness of an economy in terms of its volume of trade (exports and imports) in relation to its national ...

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