Jagdish Bhagwati reviews criticism on trade

I had mentioned earlier if Ricardo was given a wish he would want to claer the controversies around Trade. However, he may not need to till we have economists like Jagdish Bhagwati around.

In this fantastic paper given at WTO (the way WTO has failed is a spectacular story)  he reviews the criticism on trade. He divides it into three periods of criticism and says:

The truth of the matter is that free trade is alive and well among economists, their analytical arguments in favour of it, developed with great sophistication in the postwar theory of commercial policy, having hardly been dented by any original arguments by the few economists, including Alan Blinder in today’s debate, arrayed against it.

Read the paper for more details.

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