The Free Trade Doctrine

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The amount of reading materials examining inter-relationships between the doctrine of free trade, trade policies and regional trading arrangements is sparse. This book, therefore, provides an insight into current discussions and debates on various issues underlying relationships between these three important topics. A significant part of the book is devoted to investigating how the thinking about trade evolves and changes throughout three important economic eras - merchantilism, classical and neoclassical economics - covering a period since the past five centuries. The other part of the book analyses the evolution of the thinking about trade and its influence over trade policy formulation in many countries around the globe. In addition, the book empirically examines the economic effects brought about by the formation of regionalism and regional free trade areas, two concepts that revolve around the idea of free trade. Essentially, this book is not only useful to economists, politicians and policy makers but to the general public as well.