But this early 19th century theory does not account for the trillions of dollars in direct and indirect subsidies that prop up the system, distort market prices, and mask the true costs – both economic and ecological – of unregulated global trade.
The economic theory of ‘comparative advantage’ leads some to claim that trade deregulation creates ‘efficiencies’ that work for the good of all. But this early 19th century theory does not account for the trillions of dollars in direct and indirect subsidies that prop up the system, distort market prices, and mask the true costs – both economic and ecological – of unregulated global trade.