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Essay text:
And this will also bee admirable in the eyes of other
Princes?"
As noted by Milton and Rose Friedman in 1997, it is ironic that this debate still rages in spite of overwhelming acceptance by a large majority of the economic community. They go on to note that tariffs have "generally been the rule" in spite of the general economic thought. "The only major exceptions are nearly a century of free trade in Great Britain after the repeal of the Corn Laws in 1846, thirty years of free trade in Japan after the Meiji Restoration, and free trade in Hong Kong under British rule."
Toward the latter part of the 20th century free trade expanded greatly as evidenced by the formation of the European Union, a number of regional free trade associations in the Asian arena and the formation of NAFTA between Mexico, Canada and the United States...
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