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The Four Pillars of Fair Trade: Government

In: The Cultural and Political Intersection of Fair Trade and Justice

Author

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  • Tamara L. Stenn

Abstract

Sen’s realization-focused comparative is a way of measuring the effects of different approaches. It presents two different ways of approaching a goal such as economic growth in the developing world, in order to create a greater understanding of an issue. Taking a realization-focused comparative of Fair Trade helps to create a greater understanding of the underlying economic development philosophies and approaches that shape our world today. Fair Trade operates within the Free Trade structure. Comparing Fair Trade with Free Trade brings a juxtaposition of words and meaning when examining differences in justice. It is easy to assume by the wording, that Free Trade is related to freedom. However in a realization-focused comparison, Free Trade does not support freedom rather it is quite the opposite. A realization-focused comparison, as defined by Sen, quantifiably compares outcomes and makes differences more visible. Free Trade, also known as liberalized or conventional trade, enables participants to trade across national boundaries with little regulatory interference. Free Trade favors open, unrestricted markets with few tariffs or quotas and includes the principles of David Ricardo’s theory of comparative advantage and the laws of supply and demand. Comparative advantage means that every country would produce the commodities for which it was best suited in terms of resources, climate, transportation, capital, and labor (Riddell, Shackelford, Schneider, & Stamos, 2010).

Suggested Citation

  • Tamara L. Stenn, 2013. "The Four Pillars of Fair Trade: Government," Palgrave Macmillan Books, in: The Cultural and Political Intersection of Fair Trade and Justice, chapter 5, pages 63-78, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33148-9_5
    DOI: 10.1057/9781137331489_5
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