John Carroll, Head of ICC United Kingdom’s Trade and investment Policy Committee, tackles the myths put forward about free trade in an article released in City AM earlier this week. With a growing anti-trade sentiment evident around the world, the article tackles five particular myths about free trade and also puts forward the case for why trade is important to global economic growth and job creation. Between 1970 and 2000, for instance, manufacturing workers in open economies benefited from pay rates that were three-to-nine times greater than those in closed economies.
Among the myths Carroll refutes is the idea that trade leads to job losses, that trade only benefits big business, and that trade is a zero-sum game – benefitting one party at the expense of another.
To read the full article, please click here.