Working Papers
A Network Approach to Geopolitics
Economics Working Paper 26127
October 16, 2026
Published June 29, 2022
There are two main objections to free trade. The first is that freer trade results in some people losing their jobs or investments. This may be true in the short run but is almost always false in the long run. The second objection is that free trade only benefits the wealthy. In practice, more benefits tend to go to low-income households by making what they consume more affordable.
Discussion Questions:
- What are the advantages of free trade? What are the disadvantages?
- Why are protectionist policies—quotas and tariffs—popular? Why are they growing more popular?
Additional Resources:
- Read “Dispelling Two Objections to Free Trade,” by David Henderson. Available here.
- Read and watch “Free Trade,” a Policy Insights edition on PolicyEd. Available here.
- Watch “The Historical Benefits of Trade,” by Douglas Irwin. Available here.
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