Free Trade Day is an American holiday dedicated to free trade. It refers to a special state policy in the field of trade, aimed at the freedom of exporting and importing goods. It is adhered to by political parties, the ideological basis of which is economic liberalism. It is celebrated annually on May 8.
The history of Free Trade Day spans several centuries. The first ideas of free trade began to form in the 16th century by the Spanish theologian Francisco de Vitoria. In the world economy in a more developed form brought famous scientific figures: A. Smith and D. Ricardo. The effectiveness of the ideas was explained by historical analysis: scholars argued that it was free trade with other nations that helped ancient Egypt and China become great.
The idea of free trade has experienced ups and downs throughout its history, depending on the current government and the overall situation of the country. A serious development in this direction occurred after the end of WWII. The U.S. began to sign trade agreements with various countries.
Today there is the World Trade Organization, in which there are a large number of countries. Members of this association adhere to the idea of free trade, which allows them to develop and establish long-term relationships with other states.
- There is a special direction in economic theory, which studies the peculiarities of free trade and its current state.
- Free trade can significantly increase a country’s GDP by an average of 15%.
How to celebrate
Learn more about free trade agreements between different countries. Learn about the main advantages and disadvantages of these trade policies.
Spread the word about the holiday on social media. Let more people know about it.
When is Free Trade Day celebrated in 2024?
Free Trade Day is observed on May 8 each year.