We begin this chapter by briefly restating the case for free trade and then
go on to examine various valid and invalid arguments that are commonly
advanced for some degree of protection. We then explore some of the
methods commonly used to restrict trade, such as tariffs and quotas.
Finally, we examine the many modern institutions designed to foster freer
trade on either a global or a regional basis. In particular, we discuss the
North American Free Trade Agreement (NAFTA) and the World Trade
Organization (WTO).
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