Modern world trade has its roots in colonialism and is determined by the economic interests of powerful governments and transnational corporations. Free trade is a trade policy that is supposed to bring more growth and prosperity for everyone involved. But who really benefits from it and at what cost? We examine how and why free trade came about, how trade could be made fairer and highlight movements that oppose the current world trade order.
When trading on the global market, one question is crucial: who actually sets the rules? Because whoever has the say can use this to their advantage. Over the last 500 years, the Global North has created a world economy in which the needs of the Global North determine the economic activities of the Global South. Colonial trade relations are therefore not an issue of the past - they can still be observed in international trade today. Free trade agreements and bilateral investment agreements are an important instrument used by transnational corporations to assert their interests in the Global South at the expense of people and their environment.
For the Global South, free trade agreements force countries to compete with each to attract foreign investors by deregulating their markets; in the process sacrificing people’s rights and lowering the costs of production which only benefits corporations.
Explore the history of free trade and invest agreements, from its colonial roots all the way until its neoliberal form in the following timeline.
A vision of socio-ecological transformation in world trade requires fundamental changes in the mechanisms of the current economic system. While there is no comprehensive or easily applicable solution, radical ideas and alternatives to trade in the future need to have aspects of inclusiveness, sustainability, development, social concerns and so on integrated and prioritized over interests of powerful corporations and countries.
Global trade system and capitalism go hand in hand, and have established a ruling system that is fundamentally rigged and exploitative system. As both of them work within this logic, it comes with problems and challenges for activists looking to transform or abolish the system. The following conversation questions the current global trading system, illustrates progressive alternatives to trade relations, articulates the necessary changes to improve trade practices and relationships.
This article is part of the series Exiting the Crisis! - Understanding Crises and Paths to Global Justice, which was produced in cooperation with Konzeptwerk Neue Ökonomie (external link, opens in a new window). Online Editing by Alina Kopp. This article is published under the terms of the Creative Commons License CC BY 4.0 (external link, opens in a new window)! Share, use or adapt it for your educational work. Don't forget to republish it under the same conditions and mention L!NX and the authors.
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