Lessons from the past: an economic history of the gains from trade

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Winter 2011 Canadians t u d e n t r e v i e w 25 an economic history of the gains from trade F or centuries, trade has been one of the most intense topics in public policy. In particular, the debate between free trade and protectionism is almost always accompanied by extremely polarized views, drawing in economists, politicians, activists, and unions alike. Free trade has indeed increased substantially over the past few decades, largely due to great efforts to coordinate action on an international scale through agreements such as the General Agreement on Tariffs and Trade (GATT), and institutions such as the

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