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Published: Tue, 08 May 2018 05:00:00 +0000

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Free Trade Day was created by Dr. Tom Stevens, founder of the Objectivist Party, with the goal of making people more aware of the importance of free trade in creating wealth, an efficient economy, and a higher standard of living. It takes place on the birthday of Austrian economist Friedrich Hayek, a proponent of free trade. Advocates of Free Trade Day are from one economic school of thought. They want a system without trade barriers and tariffs, which they say will bring lower prices for consumers and opportunities for producers.

Free trade is a complex economic issue debated by professional economists. With complete free trade, a government will place no tariffs on imports, and no subsidies on exports. Other trade barriers such as quotas on imports will also be removed. There will be no taxes or barriers on the trade of services, equal access to markets and market information for everyone, and the free movement of labor and capital between and within countries. Free trade contrasts with protectionism, which restricts imports from other countries by placing tariffs, restrictive quotas, or other government regulations on them. Since the mid-twentieth century, many countries have been reducing tariff barriers and currency restrictions.

Free Trade Day is being observed today! It has always been observed annually on May 8th.