… is from pages 18-19 of Razeen Sally’s 2008 book, New Frontiers in Free Trade: Globalization’s Future and Asia’s Rising Role:
The theoretical case for free trade is strong and compelling. On the economic front, free trade delivers short-term (static) gains through specialization according to comparative advantage, and longer-term (dynamic) gains through economies of scale and technology transfer, among other factors. On the political front, it contributes to peaceful international relations. Both economic and political arguments for free trade repose on the foundation of individual freedom – the freedom of people to transact within and across borders. Thus, Adam Smith’s “natural liberty” is free trade’s bedrock.