What did Ricardo believe about free trade?
It hurts the economy
It only benefits the rich
It increases the well-being of people
It should be heavily regulated
Answer
Free trade, according to Ricardo, augments the overall welfare of individuals by efficiently allocating resources and fostering specialization. By removing trade barriers, countries can engage in mutually beneficial exchanges, producing goods at a lower cost. This specialization leads to increased productivity, driving economic growth and elevating living standards for all participants involved in the global marketplace.
The Ricardo Revolution: Mastering David Ricardo's Economic Legacy
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