The ability to buy and sell on your own terms, without gov't red tape, gay trade agreements, or 14 year-old 'fair trade' faggots getting in your face.
I want what Peter has; he wants what I have. So we trade, and we're both better off for it.
generally bad for one or both of the paticipating countries
elmo like free trade, elmo assembled by cheap chinese labour!
Generally good for both participating countries. Allows each country to stop doing things it's bad at, and be competitive in areas where it does the best.
"If there were an Economist
's Creed, it would surely contain the affirmations 'I understand the Principle of Comparative Advantage' and 'I advocate Free Trade'." -Paul Krugman