Free Trade Day is celebrated on May 8th, the birth date of Friedrich Hayek, the Austrian economist who championed free trade.
Free Trade Day was started by Dr. Tom Stevens, the Political Director of the Libertarian Party of Queens County. It was created so people can be made more aware of the importance of free trade to an efficient economy, wealth creation and a better standard of living.
Celebrate Free Trade Day by doing one or more of the following:
1. Read about Free Trade.
2. Read about Friedrich Hayek and his economic theories.
3. Join the Free Trade Day Facebook Page at:
Free trade can be contrasted with protectionism, which is the economic policy of restricting trade between nations. Trade may be restricted by high tariffs on imported or exported goods, restrictive quotas, a variety of restrictive government regulations designed to discourage imports, and anti-dumping laws designed to protect domestic industries from foreign take-over or competition.
Free trade is a term in economics and government that includes:
1. Trade of goods without taxes (including tariffs) or other trade barriers (e.g., quotas on imports or subsidies for producers)
2. Trade in services without taxes or other trade barriers
3. The absence of trade-distorting policies (such as taxes, subsidies, regulations or laws) that give some firms, households or factors of production an advantage over others
4. Free access to markets
5. Free access to market information
6. Inability of firms to distort markets through government-imposed monopoly or oligopoly power
7. The free movement of labor between and within countries
8. The free movement of capital between and within countries