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IN THE LATE EIGHTEENTH CENTURY it was a handful of European (mostly British) moral philosophers who most forcefully argued the virtues of free trade between nations. Few ideas have had a bigger influence on the wealth of nations.
Two centuries later and on the opposite side of the globe, some of the staunchest defenders and promoters of free trade come from Australia and New Zealand. The lands down under have some of the lowest trade barriers in the world and by far the lowest levels of agricultural protection in the developed world, and they continue to lobby for further trade liberalisation.
In international trade, one of the most striking trends in ...