Can someone explain what fair trade is?

Can someone explain the economics of trade?

  • It has been said that "The lack of free trade was considered by many as a principal cause of the depression" why was this the case?

  • Answer:

    It is certainly the case that the Smoot-Hawley Tariff Act can claim the credit for making the Great Depression "great": http://en.wikipedia.org/wiki/Hawley-Smoot Surely you've been studying how trade benefits the economies of both parties? http://en.wikipedia.org/wiki/International_trade So if more trade helps the economy, what would reduced trade do?

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