We all read about free trade, but do we truly understand its real world effects? So many of our possessions, from the clothes we wear to the foods we eat, come to us as imports. Is free trade the solution to high prices, or is the real cost more than we bargained for?
Market-friendly, liberalizing policies help facilitate growth. If any single measure signals that policies are moving in the right direction, it is the growth rate of a country's exports.
In almost every successful economic growth episode, exports grow faster than GDP, and usually much faster, even after adjusting for price inflation. This can be shown by examining 59 high-growth episodes that occurred in 41 countries from 1960 to 2001.
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