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Free trade or protectionism?

The debate on whether international trade should be freely conducted, or if countries can benefit from protectionism, has been alive for a couple of centuries. Hannah Holmes investigates the economic arguments

international economics, free trade, protectionism

Free trade is the trade of goods and services without forms of trade protectionism. Buyers and sellers from different economies may voluntarily trade without a government applying tariffs, quotas, subsidies or exclusions on goods and services. In modern economies, governments do not necessarily abandon all control of imports and exports. For example, campaigns to encourage UK consumers to ‘Buy British,’ or legislative restrictions such as the ban on importing firearms, are two forms of trade protection.

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Previous

Applying to university

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The ‘Nobel prize’ in economics

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