ABSTRACT
The thread taken up here has connections with ‘choice theory’ which, being a subject both peculiar and distinct, warrants some separate attention. Choice theory has a certain relevance to development interests and may be associated with efficiency taken broadly. As for equity, F. A. Hayek 12 has provided an interesting view. A similar, though thoroughly antique, notion is ‘fair trade’. With all the modern market wisdom, however, fair trade still finds its way into thinking that goes on widely and at every level, though no one quite knows what it means. It seems to be a survivor from early societies, maybe properly active in some situations, where, though it is unspoken, everyone knows what is due to them, or is fair. With trade agreements, however, except where fairness is reflected in some clearly understood reciprocity arrangement, who knows if they are fair or not? Apparently, fairness can only be measured by the degree to which parties honour the agreement, and there certainly can be disputes about that.
