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THE LEFT-WING CASE for FREE TRADE IFT | the Left-Wing Case for Free Trade

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THE LEFT-WING CASE for FREE TRADE IFT | the Left-Wing Case for Free Trade THE LEFT-WING CASE FOR FREE TRADE IFT | The left-wing case for free trade FOREWORD abour’s 30-year-long support for the EU and Britain’s membership of it has contributed to the expunging from the left’s collective memory L of the radical role supporting free trade has played in its history. This was exquisitely symbolized for me the day after the terrorist attack on the Manchester Arena. Radio 5 had asked to meet me and another Labour MP next to the statue of John Bright in Albert Square just before the city’s vigil for victims. My Labour colleague said “I guess you will know THE LEFT-WING which one that statue is?” I did, and I also know the role John Bright, a Rochdale man and a Member of Parliament for Manchester, played in the anti-Corn Law league and the campaign for free trade. This was one of the most effective and radical campaigns in the UK’s history; it is amazing that his role and campaign are virtually unknown in CASE FOR the Labour Party, even in Manchester. The arguments of Bright together with Cobden - that import tariffs on corn kept the price of bread high and the landed gentry rich - won the support of the embryonic Labour movement as well as the vast majority FREE TRADE of people who were finding it difficult to make ends meet. Trade – the big picture 4 The campaign achieved its objective when Prime Minister Robert Peel started the abolition of the Corn Laws in the 1845 budget. The The progressive case for trade 8 arguments and philosophy supporting this successful campaign led to the so-called Manchester School of Economics, which also espoused Free trade and the left: some history 10 freedom of the press, anti-slavery, pacifism and separation of church and state. Manchester is the only town or city in the country to have its major Objections to free trade 12 meeting hall named after an idea: free trade. It is extraordinary, given this history, that the Labour movement threw • Free trade and inequality 13 its weight behind the EU’s protectionist project. As with the Corn Laws, the EU customs regime imposes tariffs on food imports, ensuring we • Free trade and workers’ rights 15 pay 20 percent more than the price on the open world market. To add insult to injury we then pay huge subsidies to the wealthiest land owners • Free trade and the environment 15 like the barley barons of East Anglia. The very high tariffs imposed, for example, on citrus fruits and processed coffee mean we are essentially • Free trade and developing countries 18 exporting poverty to Africa and some of the poorest parts of the globe. If understood more widely this would be a huge embarrassment to the left. • Free trade agreements 20 Professor Paton’s paper is a timely reminder of this history and should make Conclusions 22 progressives think twice about supporting protectionist policies and entities. Graham Stringer is Member of Parliament for the Manchester constituency of Blackley and Broughton. He has been a Labour MP since 1997. @IFTtweets 3 IFT | The left-wing case for free trade good intentions, can exacerbate despite a small reduction in the Since 1985, we have seen an the issues, often with the poorest trade proportion in the past few increase in per capita global GDP in society being particularly hurt. years. The general trend towards (measured at constant prices) of easier trade both within and about 60%, but this improvement Concerns over one or other of between countries has played its has not come at the expense of the important issues listed above part in the biggest improvement the poorest people. Between can mean losing sight of the in the economic wellbeing of the 1985 and 2013 (the latest year for big picture. And when it comes poorest people around the globe which data is currently available), to free trade, the big picture that the world has ever seen. the proportion of people in the is vast indeed. Over the past world living in extreme poverty TRADE 30 years or so, the world has Understandably, we often focus decreased from 39.3% to 10.7%.[1] become a significantly more open on bad news and when it comes The world’s population increased place as costs of transport and to global economic problems, by nearly 3 billion over that period THE BIG PICTURE communication have plummeted. this can often make it appear but, astonishingly, even the At the same time, many countries that things are constantly getting absolute number of people living which were previously trying worse. But although of course in poverty has gone down from 1.9 to operate closed, command we face significant problems and billion to under 0.8 billion. or too long, certain observers economies have opened challenges, the reduction in global on the political left have themselves up to trade. Since poverty and food insecurity in We see a similar picture when F got away with labelling free 1985, trade as a proportion of recent years is one of the great looking at food security. Between trade as a right-wing cause. This GDP has increased by about 50%, success stories of our times. 1991 (the point at which consistent would be a surprise to many of our forebears in the progressive movement for whom it was [1] http://databank.worldbank.org/data/home.aspx obvious that trade was an effective way to move large numbers of people out of poverty. In recent GLOBAL TRADE 12000 70 years, free trade has come AND GDP 1985-2015 Source: World Bank http://databank. 60 under fire from progressives worldbank.org/data/home.aspx 10000 worried about one or more of the 50 8000 many challenges facing modern GDP per capita 40 economies: job losses in traditional (constant 2010 US$) 6000 industries; threats to labour market 30 Trade (% of GDP) 4000 and environmental regulations; 20 domination of developing countries 2000 10 by globalisation; giving excessive power and control to multinational 0 0 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 corporations. People are right to worry about these challenges. But they are GLOBAL POVERTY AND largely wrong to suggest that 40 restrictions on trade will help UNDERNOURISHMENT Source: World Bank http://databank. solve them. In most cases, the worldbank.org/data/home.aspx 30 contributory role of free trade is limited or even non-existent. 20 Extreme poverty % THE REDUCTION IN GLOBAL Indeed, in many cases, it can be POVERTY AND FOOD the interference into free trade by Undernourishment (%) 10 INSECURITY IN RECENT YEARS large corporations which causes the problem. Just as important, 0 IS ONE OF THE GREAT SUCCESS policy interventions aimed at 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 STORIES OF OUR TIMES limiting trade, even if done with 4 ifreetrade.org @IFTtweets 5 IFT | The left-wing case for free trade data have been reported) and MUCH OF THE 2015, the proportion of people in the world estimated to suffer from GLOBAL RISE OF undernourishment decreased PROSPERITY HAS from 18.6% to 10.8%, in absolute BEEN DRIVEN BY terms from about 1 billion in 1991 to 0.8 billion in 2015. CHINA, A COUNTRY WHICH HAS NOT The rate of progress has varied ONLY MOVED across different regions. For TO EMBRACE example, Africa has generally seen slower progress towards TRADE FROM A eliminating poverty, but even PHILOSOPHICAL there significant progress has still AND POLITICAL been made.[2] Looking at the least developed countries of the world, POINT OF VIEW, BUT GDP per person has gone up by WHICH HAS ALSO 75.3%, a far quicker rate of increase INVESTED HEAVILY than for the world as a whole. IN THE TRANSPORT, It’s not all good news. Although COMMUNICATION global inequality between countries AND FINANCIAL has trended downwards in recent INFRASTRUCTURE years, within country inequality has increased in many countries.[3] WHICH IS NEEDED Further, the latest evidence from TO FACILITATE the UN suggests food insecurity has MODERN TRADING started to edge up in the past couple RELATIONSHIPS. of years.[4] Strikingly, this worrying development has been preceded by an apparent reduction in openness to trade since about 2012. and which have developed infrastructure which is needed Recent experience echoes (often rooted in conflict and agreements between countries the necessary infrastructure to facilitate modern trading economic lessons learnt over a corruption) which restrict trade can be less to do with making Overall, it is clear that we have to facilitate trade have almost relationships. In contrast, the much longer period of time. At and, hence, limit the ability of food the buying and selling of goods seen dramatic improvements in without exception seen greater countries where progress has different times in history, it has redistribution to alleviate local between groups of people easier prosperity and poverty across the prosperity. been more limited are generally been the ability to trade driven interruptions to supply.[5] and more to do with protecting world in the past 20-30 years and those such as North Korea, where by improved communication the interests of particular there is no doubt that this global Much of the global rise of an extreme version of state- and transport networks which Does this mean that freer trade groups, often large multinational success story has been driven, in prosperity has been driven by control of the economy has been allowed communities to end will always benefit everyone or corporations.
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