Making the Argument for Unilateral Free Trade and its Advantages in Furthering a Nation's Economic Interests

Abstract

The principles of international economics advocate for universal free trade, aligning with the concept of comparative advantage and its advantageous outcomes for all trading parties. However, achieving complete free trade has remained elusive and appears unlikely in the foreseeable future. Numerous concerns, ranging from safeguarding domestic industries to apprehensions about reliance on foreign goods, contribute to the reluctance of policymakers in most countries to dismantle trade barriers. Additionally, the reluctance of countries to unilaterally abolish trade barriers stems from the fear of potential non-reciprocal actions from their trading partners, which could negatively impact their domestic economies. This article delves into the various reasons that discourage countries from embracing unilateral free trade and highlights the benefits that such a policy could bring to a nation, regardless of the actions taken by its trading counterparts.