Free Trade Day: History, Facts & Insights

This is an in-depth look at all the must-know facts about Free Trade Day (2024) 🗓️ that no one tells you about. Free Trade Day is observed on May 8th.

Among the information you’ll find below: the history of Free Trade Day, activities to do on and how to observe this holiday, as well as cool facts you should know about Free Trade Day.

📅 What day is Free Trade Day 2024?

In 2024, Free Trade Day is on Monday, May 8th. It is the 2nd Monday in May; in 2024, it is Wednesday. There are until the next observance. You also can explore all the exciting details and facts about May 8, 2023, that you might not be aware of.

Free Trade Day is celebrated annually on May 8th, highlighting the importance of a free trade policy. This policy allows for unrestricted imports and exports in international commerce. It is primarily endorsed by political parties that embrace economic liberalism. On the other hand, economic nationalists and left-wing political groups tend to support protectionism. Protectionism involves implementing measures such as import tariffs, quotas, trade barriers, and government regulations to limit imports from other countries. Many governments employ some form of protectionist policies to safeguard domestic jobs.

📜 Free Trade Day History

In 1775, the British Parliament passed a law called the Prohibitory Act, which stopped colonial ports from trading during the American Revolution. In response, the Second Continental Congress declared economic independence and opened American ports to international trade on April 6, 1776. They officially declared independence three months later. However, according to economic historian Paul Bairoch, this open trade did not last long, and the United States has been a strong advocate for protectionism since the late 18th century.

During the Civil War in the 19th century, high tariffs were introduced as northern businessmen wanted to protect their trade from competition with the South. The South, on the other hand, preferred free trade rules to export cotton. Trade liberalization began in 1934 with the Reciprocal Trade Agreements Act. After World War II, the United States actively supported lower tariffs and free trade, leading to the creation of the General Agreement on Tariffs and Trade and later the World Trade Organization. Since then, the United States has negotiated various trade agreements, such as the Israel-United States Free Trade Agreement in 1985 and the Dominican Republic-Central America Free Trade Agreement in 2006.

Currently, most countries are members of the World Trade Organization, which aims to reduce trade barriers among its members. However, trade barriers still exist, and regional free trade zones have been established to further reduce barriers between specific groups of countries. For example, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which includes eleven countries bordering the Pacific Ocean, came into effect in 2018.

✅ Free Trade Day Facts

🔖 May 8 is Friedrich Hayek’s birthday
Friedrich Hayek, an Austrian economist and strong advocate of free trade, is commemorated through Free Trade Day, a day chosen to honor his beliefs and contributions to the field.

🔖 Trade openness is currently at its highest
According to economists and economic historians Federico Giovanni and Antonio Tena-Junguito, this has been expressed.

🔖 Origin of Free Trade Day
Dr. Tom Stevens, the creator of the Objectivist Party, established a special day called Free Trade Day.

👍 Why Is Free Trade Day Important

Whether you support free trade or not, knowing about it is beneficial to everyone. Even if you don’t agree with it, understanding the pros and cons can help you find the best economic system for you.

Adopting parts of free trade enabled the formation of organizations such as the World Trade Organization. Even if a proposed system isn’t fully implemented, years of debate and consideration can lead to the world adopting parts of it.

What exactly is “free trade”? That’s who supports it? What are the ramifications of governments adopting it or elements of it? These are the types of inquiries we can answer after thoroughly researching the subject.

🙂 How To Observe Free Trade Day

⚡ Watch a debate between experts
On YouTube, there are numerous disagreements among economists, whether they are well-established or emerging. The best way to observe these disputes is by examining the strengths of each individual’s arguments, while disregarding any videos or comments that claim one person has emerged as the victor in a discussion.

⚡ Learn more about free trade
If you found this article interesting and want to delve deeper into the topic, there are additional theoretical books that you can explore. Additionally, you can also look for opinion pieces on economic news websites to gain different perspectives.

⚡ Discuss free trade with others
Initiate a conversation with your friends and family either online through social media or in person if they are already informed. Make sure to discuss both the advantages and disadvantages of the system being debated. This approach is crucial for having a productive and meaningful debate.

📅 When is Free Trade Day?

Discover all 🔗 May holidays, including 🔗 and other 🔗 American holidays.

We will continue to update this page with new information and fun facts about Free Trade Day. So be sure to check back soon.