Free Market is a hypothetical market condition where manufacturers and service providers can export, import and offer services under no conditions and with zero taxes, subsidies and policies involved. Being a highly debatable topic; many economists along the years have opposed or stood by this concept of free markets or free trade amongst various markets. With economists working their brains out on this very idea, certain books or research work have in fact changed the way world economies carry out international trade.
Top Reads on Free Markets
1. Economic Sophisms by Frederic Bastiat: Frederic Bastiat, born on June 29, 1801 in France, orphaned at the age of nine and brought up by grandparents during a revolutionary period when legends like Napoleon walked the face of the earth, has written this satirical parable called the Economic Sophisms. With simple examples framed into discussions between candlemen and tallow producers to address a bigger and adverse market situation in a casual and simple way is what Bastiat has done effectively in this piece of art. Anyone who wishes to know about trade policies and free markets must have this in his/her arsenal.
2. Wealth of Nations by Adam Smith: Having seen most of the 18th century, Adam Smith is a moral philosopher and a pioneer of political economy. One his best works is still proving to be one of the best mediums to understand the fundamentals of foreign trade even after three centuries is the “Wealth of Nations”. An insight to classical economics, the start of the Industrial Revolution, division of labor and free markets is what this book is all about.
3. Free to Choose by Milton and Rose Friedman: American economist and renowned statistician, Milton Friedman chose to always stand by Free Markets and propagated the benefits of this concept. Free to Choose is a book written by Milton Friedman and his wife Ross Friedman; an economics and professor herself. This book advocates free market and maintains that Free Market is the best alternative when it comes to trading across borders. The book was so influential and it went on to be telecasted as a ten episode season on TV.
4. The Fair Trade Fraud by James Bovard: A lecturer turned libertarian author, James Bovard always targets examples of wastes, failures or the way the government abuses its power to govern the masses. One of his works of art is The Fair Trade Fraud which focuses on condemning the American Trade Policy and tends to shed light on the corrupt ways of the Congress that set up inevitable infusions of unnecessary trade policies in the name of making trade fair and not free.
5. Against the Tide: An Intellectual History of Free Trade by Douglas A. Irwin: An American economist with French origins, Douglas Irwin has represented reputed organizations like Columbia University and the Federal Reserve. His book, Against the Tide states the advantages of free markets and free trade. From mentions of the time when research on free markets first started to the scope and evolution of trade across international borders in the future, every aspect has been covered with precision and apt examples.
Apart from the books mentioned above; essays from David Hume, Democratic Editorials by William Leggett and Some Aspects of the Tariff Question by Frank Taussig are also equally insightful and provide enough information about free markets and free trade.