On Free Trade and Protectionism

Up until the 18th century, most people thought foreign trade had to be controlled by the state. This was called "mercantilism." But economists began arguing that free international trade -- just like free domestic trade -- made nearly everybody richer. Adam Smith was one these early economists, and his writing on this topic is just as persuasive as when he wrote it almost 250 years ago. (This book is excerpted from the Wealth of Nations.)