Walter Williams writes in Townhall.com, Free or Fair? In order to expose the fallacies of the debate between free trade and fair trade he poses the question of how we would view our basic constitutional rights if they were written to provide ‘fairness’ instead of freedom.
How supportive would you be to a person who argued that he was for free religion but fair religion, or he was for free speech but fair speech? Would you be supportive of government efforts to limit unfair religion and unfair speech? How might life look under a regime of fairness of religion, speech and the press?
Suppose a newspaper published a statement like “President Obama might easily end his term alongside Jimmy Carter as one of America’s worse presidents.” Some people might consider that fair speech while other people denounce it as unfair speech. What to do? A tribunal would have to be formed to decide on the fairness or unfairness of the statement. It goes without saying that the political makeup of the tribunal would be a matter of controversy. Once such a tribunal was set up, how much generalized agreement would there be on what it decreed? And, if deemed unfair speech, what should the penalties be?
Williams continues to explore the distinction in the issue of trade:
The bottom line is that what’s fair or unfair is an elusive concept and the same applies to trade. Last summer, I purchased a 2010 LS 460 Lexus, through a U.S. intermediary, from a Japanese producer for $70,000. Here’s my question to you: Was that a fair or unfair trade? I was free to keep my $70,000 or purchase the car. The Japanese producer was free to keep his Lexus or sell me the car.
Mercantilists have absolutely no argument when we recognize that trade is mostly between individuals. Mercantilists pretend that trade occurs between nations such as U.S. trading with England or Japan to appeal to our jingoism.