Features of Free Trade
Free trade implies the following features:
- Trade of goods without taxes (including tariffs) or other trade barriers (e.g., quotas on imports or subsidies for producers)
- Trade in services without taxes or other trade barriers
- The absence of "trade-distorting" policies (such as taxes, subsidies, regulations, or laws) that give some firms, households, or factors of production an advantage over others
- Free access to markets
- Free access to market information
- Inability of firms to distort markets through government-imposed monopoly or oligopoly power
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—Christopher Lasch (b. 1932)
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—Herman Melville (1819–1891)
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“Every trade has its master.”
—Chinese proverb.