Joseph Stiglitz:

“Rich countries should simply open up their markets to poorer ones, without reciprocity.”

Josh Hendrickson:

A man such as Dr. Stiglitz should know better to make such a comment. A basic concept of economics is that in order for a transaction to take place, it must benefit each party. While I am certainly an advocate of free markets and free trade, this statement ignores important political and social factors associated with doing so and is strikingly idealistic.

If Mr. Hendrickson is an advocate of free trade, then he ought to recognize unilateral trade liberalization when it is proposed. Lower US trade barriers would benefit each party. Stiglitz’s proposal is idealistic because if the US was unwilling to make “concessions” at Doha, then it certainly won’t reverse course and make them unilaterally. But Hendrickson ought to support Stiglitz’s position if he believes in the classic case for free trade.