This text dicusses the doctrine of free trade, from its conception in Adam Smith's "Wealth of Nations". It looks at why free trade has been such a successful theory, and describes the way in which it has withstood various theoretical attacks throughout its existence.

In lucid and careful terms he shows how Smith's compelling arguments in favour of free trade overthrew merchantilist views that domestic industries should be protected from import competition. Once a presumption about the economic benefits of free trade was established, various objections to free trade arose in the form of major arguments for protectionism, such as those relating to the terms of trade, infant industries, increasing returns, wage distortions, income distribution, unemployment, and strategic trade policy. Discussing the contentious historical controversies surrounding each of these arguments, Irwin reveals the serious analytical and practical weaknesses of each, and in the process shows why free trade remains among the most durable and robust propositions that economics has to offer for the conduct of economic policy.