Question

What is the economic term that describes international trade that is not controlled or affected by any legal restrictions? free trade unrestricted trade mercantilism chaos

Answer 1

This is free trade. Free trade is where there is no government interruption or overseeing of the products being sold, imported and exported. However, free trade is quite a controversial topic today as many governments impose tariffs on people within the free trade system. Governments have also taken the step of limiting free trade for a country's natural resources, as not to easily waste a country's riches, without the government overseeing if this is done in the best manner or not. Fair trade is different from this, where every person who is selling or has made the product has equal benefits and can oversee if they are being underpaid for the job they have provided within that trade.