LIBERTY OUTSIDE THE WEST

Economists notoriously disagree about many things. Trade policy, however, is an exception. Famously, this is an area of widespread agreement on both theoretical analysis and policy prescription. Surveys of professional economists show a near consensus supporting the theory of comparative advantage first articulated by David Ricardo and the associated policy of free trade, ideally on a universal basis, otherwise unilaterally. Such near unanimity is impressive. Moreover, both the analysis and the empirical evidence on which the consensus rests are very robust. Over the years there have been many attempts to find flaws in the theory or limiting instances where it does not apply as well as efforts by economic historians to uncover empirical evidence that would count against it. However, as Irwin's comprehensive survey shows, these have all been unsuccessful (Irwin, 1997). [PUBLICATION ABSTRACT]