We hear a lot in the news today about ‘fair trade’ deals.  What they are, whether they were good deals or not, how they’ve benefited or not benefited the country.  Implicit in this thinking is that the principle of free trade – the unrestricted ability to market goods around the world, without fear of tariffs or protectionism – is an unambiguous benefit for all participants.  The near-unanimity, across the political spectrum, includes major economic theorists like Milton Friedman and Paul Krugman (although Krugman has begun to have doubts in recent years), and goes all the way back to Adam Smith.  And within this kind of open environment, many consumers have embraced fair trade – a willingness to pay above-market costs … Continued