What is the free trade doctrine?

Answer 1

The free trade doctrine is an economic principle advocating for the unrestricted exchange of goods and services between countries without tariffs, quotas, or trade barriers. It posits that such openness promotes efficiency, competition, and innovation, ultimately benefiting consumers with lower prices and greater variety. Proponents argue that free trade leads to economic growth and specialization, allowing countries to focus on their comparative advantages. Critics, however, raise concerns about potential negative impacts on local industries, jobs, and income inequality.