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by morley
3911 days ago
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People tend to complain about the obvious effects of free trade (i.e., businesses folding to competition), but they overlook the less obvious, more spread out effects (i.e., people being able to afford more goods, and other businesses being able to purchase more materials and having access to larger markets). |
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http://www.e-ir.info/2011/06/23/britain-free-trade-and-the-i...
As in the 1800s, it's a good deal for rich countries and a bad deal for developing countries since their infant industries can't compete and so never get off the ground.
China was wise not to follow this path. As was Japan, Taiwan, South Korea, Singapore and Hong Kong.