In response to my call for Uncle Sam to adopt unconditionally a policy of unilateral free trade, Tom Palmer – who is among the smartest and wisest people I know – sent the following germane question:
What do you think of the role of “trade agreements” governing regulatory standards? Those were less common and much simpler in the past, so compliance was not much of a problem. But mutual recognition of regulatory issues is massively complex. Your thoughts?
Below the fold is a much-edited and expanded version of my e-mail reply to Tom.