From Mercantilism to Free Trade

From Mercantilism to Free Trade

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From Mercantilism to Free Trade

Mercantilism was an economic theory that was popular in the 16th to 18th centuries. It held that a nation’s wealth and power were directly tied to the amount of gold and silver it possessed. Therefore, mercantilist nations sought to export more goods than they imported, to accumulate precious metals, and to maintain a positive balance of trade. This was accomplished by enacting protectionist policies such as tariffs, quotas, and subsidies for domestic industries, and by colonizing other lands to gain access to resources and markets.

In contrast, free trade is an economic theory that advocates for the removal of trade barriers, such as tariffs and quotas, and the reduction of government intervention in international trade. Free trade proponents argue that by allowing goods and services to flow freely across borders, countries can specialize in what they are most efficient at producing, resulting in lower prices for consumers and greater economic growth.

The shift from mercantilism to free trade began in the late 18th century with the writings of Adam Smith, who argued that trade barriers hindered economic growth and that a nation’s wealth was not determined by its stock of gold and silver, but by its ability to produce goods and services. This idea was further developed by David Ricardo and other classical economists, who demonstrated through their theories of comparative advantage that trade could be mutually beneficial for all countries involved.

In the 19th century, free trade ideas were put into practice by Britain, which repealed many of its protectionist laws and lowered tariffs on imports. This led to increased trade and economic growth, which in turn helped spread the idea of free trade to other countries.

The most notable push for free trade came after the WWII with the formation of the General Agreement on Tariffs and Trade (GATT) and then the World Trade Organization (WTO) in 1995. The GATT and WTO sought to reduce tariffs and other trade barriers, and to create a more stable and predictable international trading system.

However, it’s important to note that while the trend towards free trade has been on the rise, there are still many countries and industries that continue to use protectionist policies to shield domestic industries from foreign competition. Additionally, some critics argue that free trade can lead to negative consequences such as job loss and widening income inequality, and that it can undermine labor and environmental standards in developing countries.

In conclusion, the shift from mercantilism to free trade has been a gradual process that has taken place over centuries. The ideas of classical economists, the success of free trade policies in Britain and the formation of international trade organizations such as GATT and WTO have been instrumental in this shift. While free trade is now widely accepted as a means of promoting economic growth and prosperity, it’s important to note that protectionism still exists and that there are valid concerns about the negative consequences of free trade.

RUBRIC
Excellent Quality 95-100%	Introduction 45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.		Literature Support 91-84  points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.			Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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