ABSTRACT
Ever since Adam Smith published the Wealth of Nations in 1776, economists have generally supported the policy of free trade and opposed the imposition of trade barriers. This position was solidified by the classical economists – notably, David Ricardo, who is credited with developing the theory of comparative advantage. The theoretical case for free trade, at least as made by economists, is often based more on the Ricardian theory of comparative advantage than on Smith's case for the division of labor across countries. The main political case for free trade is that it contributes to good relations among nations. While generally satisfied with the theoretical case for freer trade, over the past few decades economists have sought to have their policy positions be "evidence-based." While this policy met with limited success in the 1930s, it became the basis for postwar US foreign economic policy.
