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What is Free Trade?

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Question: What is free trade?

Answer: Free trade is an institutional environment in which adult buyers and sellers are free to deal with each other without regard to their nationalities, physical locations, religious affiliations, or any other criteria that officious third-parties would elevate into significance but that the buyers and sellers themselves find irrelevant (or at least sufficiently insignificant so as not to affect their desires to trade with each other).

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