Електронний багатомовний

термінологічний словник

Electronic Multilingual Terminological Dictionary


Economics

Free trade

Free trade is the international buying and selling of goods, without limits on the number of goods that one country can sell to another, and without special taxes on the goods bought from a foreign country [Cambridge Dictionary].
A free-trade policy does not necessarily imply that a country abandons all control and taxation of imports and exports. The theoretical case for free trade is based on Adam Smith’s argument that the division of labor among countries leads to specialization, greater efficiency, and higher aggregate production. (See comparative advantage.) From the point of view of a single country, there may be practical advantages in trade restriction, mainly if the country is the leading buyer or seller of a commodity. In practice, however, the protection of local industries may prove advantageous only to a small minority of the population and could be disadvantageous to the rest [Encyclopædia Britannica].

Sources:

Free trade. Encyclopædia Britannica. Retrieved from: https://www.britannica.com/topic/free-trade

Free trade. Cambridge Dictionary. Retrieved from: https://dictionary.cambridge.org/dictionary/english/free-trade

Part of speech noun
Countable/uncountable uncountable
Type abstract
Gender neutral
Case nominative