An essential part of any plan to establish freedom in Iraq should be a commitment to a free market and the institutions that support it, including a commitment to free trade, says the Cato Institute’s Daniel T. Griswold.
Iraqis must enjoy a secure right to property, a stable currency, decontrolled prices, the rule of law and contract, and the freedom to engage in business at home and through international trade, he explained.
In order for Iraq to grow faster and achieve higher incomes, the nation must become relatively open to trade. Griswold recommends the following:
Beyond stimulating growth, he says, trade with Iraq would bring humanitarian relief, cement ties between the U.S. and Iraq and send a positive signal that Iraq is open to foreign investment.
Also, a vibrant Iraqi economy would give hope to a new generation of Arabs to reclaim their rightful place in the world of trade, science and ideas. An educated, hopeful middle class would in turn create more fertile soil for limited and representative government.
Source: Daniel T. Griswold, Commitment to Free Trade Critical to Recovery of Iraq, Investor’s Business Daily, April 25, 2003.
For more information http://www.investors.com/
For more on Trade http://www.ncpa.org/iss/tra/
FMF Policy Bulletin/29 April 2003
