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Quotation of the Day…

… is from page 26 of Jagdish Bhagwati’s 1989 lecture “Is Free Trade Passé After All?” as reprinted in Political Economy and International Economics, a 1991 collection, edited by Doug Irwin, of some of Bhagwati’s writings:

In conclusion, let me reiterate that certain developments [in economic theory] make the case for free trade more robust whereas others make it less so.  The former, however, are more interesting and compelling, and the latter are subject to many difficulties and dangers as one passes from the classroom to the corridors of policymaking and suggest strongly that common sense and wisdom should prevail in favor of free trade.