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Daniel Hannan’s Institute for Free Trade launches in London with inaugural Global Trade Summit


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Mark Perry

Oct. 20 2017

 

Earlier this week, I participated in the Institute for Free Trade’s inaugural “Global Trade Summit” at Mercers’ Hall in London celebrating the 200th anniversary of the theory of comparative advantage. According to its website, IFT’s mission is to make the intellectual and moral case for free trade and it views Britain’s withdrawal from the European Union as a unique opportunity to revitalize the world trading system. IFT president Daniel Hannan (Member of the European Parliament for South East England since 1999) described the trade summit in the International Business Times this week, and concluded this way:

Quote

In Ricardo’s day, protectionism was seen for what it was: a way to transfer wealth from the poor to the rich. Today, we have an extra 200 years of evidence proving that point. Would you rather be poor in North Korea or South Korea? And yet, against all apparent reason, free trade continues to be howled down as something exploitative.

Free trade is what lifted us above the run of nations and, in the process, lifted others. It is one of those delightful things – along with smiles and kisses – that enriches both parties. It is time we recovered our global vocation.

 

I was on a panel titled “The Best Idea in Economics” with economist Deirdre McCloskey chaired by Matt Ridley (author, Financial Times columnist and member of the House of Lords), see photo above.

Deirdre McCloskey provided an overview of Ricardo’s theory of comparative advantage as an important principle in the social sciences that is “both true and non-obvious.”  Following Deirdre, I offered some reasons why, despite the proven advantages of free trade that have been established for hundreds of years going back to Ricardo and Smith, we find such strong resistance today to free trade and such strong support for protectionism. Here is the first part of my remarks below, you can read the rest here.

 

(Snip)

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