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| EST. READ TIME 2 MIN.Debunking the Myths: A Review of the Canada-US Free Trade Agreement and the North America Free Trade Agreement
Although the merits of free trade are widely accepted by economists and policy makers, criticism of free trade as sound economic policy is still widespread. In both Canada and the United States, critics of free trade attract substantial public attention. Protectionists and economic nationalists argue that free trade causes economic ruin and the loss of national identity.
Most economists would agree that free trade is an essential component of sound economic policy. By exposing national markets to international competition, free trade works to ensure that nations produce goods and services according to their comparative advantage. This encourages an efficient allocation of resources and allows individuals in each country to consume the largest bundle of goods and services.
Although the merits of free trade are widely accepted by economists and policy makers, criticism of free trade as sound economic policy is still widespread. In both Canada and the United States, critics of free trade attract substantial public attention. Protectionists and economic nationalists argue that free trade causes economic ruin and the loss of national identity. According to these critics, the Canada-United States Free Trade Agreement (FTA) and the North American Free Trade Agreement (NAFTA) among Canada, the United States, and Mexico are the source of significant economic hardship in both Canada and the United States. The public finds these claims persuasive because they have considerable emotive appeal and provide an easy explanation for particular economic developments.
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Fazil Mihlar
Fazil Mihlar has been a member of the Vancouver Sun's editorial board since October of 1999. He is now theeditorial pages editor and a columnist. Mihlar has been nominated twice for a National Newspaper Award for best editorial writing in Canada.Previously, Mihlar managed the Royal Bank Financial Groups public affairs department for B.C. and the Yukon. He also directed the regulatory studies program at The Fraser Institute and managed the small business consulting group at Simon Fraser University.Mihlar holds a B.A. in Economics from Simon Fraser University, an M.A. in Public Administration from Carleton University and a Marketing Diploma from the Chartered Institute of Marketing in London, England. He also completed a Certificate Course on Risk Management at Harvard University.Mihlar is the author and co-author of several studies, including The Cost of Regulation in Canada, Federal Regulatory Reform: Rhetoric or Reality? , The Rational Consolidation of Banking in Canada , and Debunking the Myths: A Review of FTA and NAFTA . His articles have appeared in several newspapers, including the Vancouver Sun , Calgary Herald , National Post , and The Globe and Mail .He sits on the board of the Kerrisdale Community Centre Society.… Read more -
Marc Law
Professor of Economics, University of VermontMarc Law, Senior Fellow at the Fraser Institute, is a Professor of Economics at the University of Vermont. An applied micro-economistwith interests in regulation, political economy, and economic history, Professor Law's research focuses on the regulation of food, drugs, and advertising as well as occupational licensing laws.He has published papers in The Journal of Economic History; The Journal of Law, Economics, and Organization; and The Journal of Law and Economics. He hold a PhD from Washington University at St. Louis and MAs from Washington University and Queen's University.… Read more