Pose the question to any audience, "How many here favor free trade and how many support protectionism or managed trade?" Inevitably, an overwhelming majority of hands are raised for free trade.

In the leading academic centers and think tanks, as well as in most of the press and major business organizations, the need for freer trade is constantly enjoined. And yet....

Editor's Note: this article was written in 1991 and it shows in spots (e.g., talk about establishing a WTO) but its discussion of managed versus free trade is still mostly valid and a good read...