Is FREE TRADE better than PROTECTIONISM? What is FREE TRADE and PROTECTIONISM?

In this video we take a brief look at the two economic trading policies - Free Trade and Protectionism. We discuss the restriction or non-restriction of imports and exports. Then we look at the history of both by starting with Protectionism and its forerunner - Mercantilism. Then we discuss Adam Smith's views on trading which led to Free Trade. We talk about the role of the government is in Free Trade. Then we look at the downsides of Free Trade, however much of it can be addressed through regulations through the government. Overall, free trade does have an overall net gain for society. Lastly, the World Trade Organization is discussed very briefly.

Sources:
https://en.wikipedia.org/wiki/Protect...
The School of Life - How to Enrich a Country - Free Trade or Protectionism?
   • How to Enrich a Country: Free Trade o...  

#FreeTrade #Protectionism #Mercantilism #AdamSmith