Paper Summary:

This paper compares the values of free trade to managed trade. It begins by defining trade and identifying the ideal trade. The paper argues that free trade is the best policy to increase prosperity and equality in a capitalist society. It describes managed trade as the current situation, as tariffs and trade policy try to create fair grounds for commerce between two nations, as seen through the example of Japan and the United States. The writer states that protectionist policies, as used in managed trade, have been the anthem of the past and have led to war and conflict.

From the Paper:

"Trade is the exchange of goods and services between two countries. In order for trade to be successful, both sides must perceive that they benefit from the exchange, or the trade will not take place. In a perfect world, both parties go away from the trade happy that they have rid themselves of something of which they have surplus, and gained something of value to them. However, in the real world, this does not happen all of the time and one party or the other walks away feeling "cheated."

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