In the post-war era in particular the orthodox view in economic and political circles has been that "free" trade is crucial in ensuring that economies grow and prosperity is shared across the world. Arguably, with the Trump presidency we are seeing a departure from this accepted convention. We are also seeing some other, perhaps less charged voices sharing a more nuanced picture of the benefits of trade, for example the Nobel Laureate Angus Deaton who has pointed out the almost wilful ignorance many thinkers display with respect to the downsides of international trade.
In this special episode by Pete and Gav, your friendly neighbourhood economists, you will dive into this dense topic to create your own a guide that can help you see the woods from the trees! If you’re worried that you may have the Marshall-Lerner condition, never fear! They’ll put you straight. In a tizz about the differences between trading blocs, free trade areas and custom unions? Then again, do not fear because all will be revealed. Not only do we cut through the technical language we also have a fun quiz when you can try and work out what the key export is for ten countries. You have a good score to beat, so good luck! Technical support as always comes from Nic, whose comparative advantage is definitely in computer stuff.
PS We were delighted recently in the Feedspot Top 60 Podcasts About Economics. Thanks dear listeners!