ABSTRACT
Free trade makes a great deal of sense theoretically because it increases efficiency and economic welfare for all involved nations and their citizens. South Korea’s trade barriers, however, do not represent an isolated case. In practice, free trade is woefully ignored by virtually all countries. Despite the advantages, nations are inclined to discourage free trade. Governments everywhere seem to be the main culprits in distorting trade and welfare arrangements in order to gain some economic and political advantage or benefit.
