Do you agree that a country benefits from free trade only if every other country also practices free trade?.
What is a tariff? What is a quota? Give an example, other than a quota, of a nontariff barrier to trade. Who gains and who loses when a country imposes a tariff or a quota on imports of a good? Political commentator B. Bruce-Briggs once wrote the following in the Wall Street Journal: “This is not to say that the case for international free trade is invalid; it is just irrelevant. It is an ‘if only everybody … argument… . In the real world almost everybody sees benefits in economic nationalism.” What do you think he means by “economic nationalism”? Do you agree that a country benefits from free trade only if every other country also practices free trade? Briefly explain.
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