Fair Trade

Learn about Fair Trade with iMinds Money's insightful fast knowledge series. 

The basis of the Fair Trade agenda is using trade as a mechanism for social development. Fair Trade displays a radical shift in trade policy by using morality instead of personal and corporate gain as the motive in the world economy. This turns the nature of Free Trade and classical trade theory on their heads. The Fair Trade movement has had both setbacks and successes. It is becoming increasingly relevant as consumers in the West challenge the conditions under which products are sourced and how international corporations operate.

Classical trade theory underpins free trade. It relates to the absence of government policies or protectionism to interfere with market forces. The market will instead decide what entities are the most efficient producers of tradeable goods based on their ‘comparative advantage’ over other producers. Resources will be allocated as if directed by an ‘invisible hand’. The market economy is considered to lack a moral compass in deciding which producers will survive or perish. Fair Trade considers raising the living standards of marginalised producers (especially the most vulnerable such as women, children and indigenous persons) as an end. The means by which this is accomplished is education, campaigning and empowering international consumers to use their purchasing power positively. 

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