Today people throughout the world are aware that they depend for their daily bread on something called "the economy," and they are aware that they are vulnerable because "the economy" is vulnerable. People are aware that their local economies are somehow inserted in international trading patterns, and that what happens to them personally in their daily lives is affected by distant commerce. However, the importance of the global market for contemporary society is often underestimated and the distant trade is actually not so distant.

The idea that international trade can facilitate economic growth by expanding the size of the market is as old as the economics profession itself, tracing back to Adam Smith's 1776 discourse on the gains from specialization of trade. Nevertheless, along with the idea of international trade, another concept of commerce runs called protectionism. A century and a half ago French economist and statesman Frederic Bastiat presented the practical case for free trade: ``It is always beneficial,'' he said, ``for a nation to specialize in what it can produce best and then trade with others to acquire goods at costs lower than it would t

In the past decade, free trade has become more and more an integral concept with globalization and world trade. Free trade can be defined as international trade free from governmental restrictions or protective duties and subject only to such tariffs as are needed for revenue. Economist Mehrene Larudee summarizes the basic concept of free trade saying, "Classical economic theory favors free trade among nations. Each country specializes in what it makes most efficiently, so that everyone can buy goods as cheaply as possible" (Freshman 366). The world free trade allows producers to put their product on the market in direct competition with other producers and allows consumers to buy any product they so choose.

Many advocators of protectionism, including Patrick J. Buchanan, are always willing to claim that free trade is a myth. Buchanan goes on to say, "It envisions a future that will never exist and assumes an ideal world that does not exist" (Freshman 383). Those who see these and other fallacies of free trade often turn to the economic theory of protectionism for answers. In short, protectionism can be defined as a system of policies and devices created by governments in order to develop or preserve domestic industries by protecting them from foreign competition, usually through duties imposed on importations. The theory of protectionism, similarly to that of free trade, has many strengths and weaknesses that must be examined and weighed carefully in order to determine the best economic trade policy.

After careful examination of the advantages and shortcomings of both protectionism and free trade, my analysis has led me to believe the advantages of free trade greatly outweigh both the disadvantages to the free market and the benefits of protectionism. Although patriotism can be an important aspect to the success of any nation, the world is becoming more globally aware so a modern economic system must comply with this sense of globalization. The United States has strove to uphold democracy in countries throughout the world so our fellow global citizens can live as free citizens. These free peoples deserve an economic market where they have the choices of free consumers. In a modern-day world society, government-run economics are out of date and old-fashioned. The consumer should be free to patronize and buy any product they choose, whether it is for reasons of price, quality, or national pride. In a free market, consumers are still able to turn away from one industry to another in order to support their own domestic firms but there should not be restrictive laws eradicating other consumers' rights to buy a product at the lowest price. In the end, free tr

Some common words found in the essay are:
Pat Buchanan, Mehrene Larudee, Humble Assessment, Angeles Times, Adam Smith, Patrick Buchanan, Economic Debate, Meany Free, Free Trade, Frederic Bastiat, free trade, buy product, consumers buy, free market, infant industries, mehrene larudee, international trade, idea international trade, prices due, freshman 383, government subsidies, consumers buy product, buy product lowest, free market consumers, buy product choose,
Approximate Word count = 1816
Approximate Pages = 7 (250 words per page double spaced)