Means of Capitalist Development: A Radical Political Economy Critique of the Trade Regime Debate

The question of free trade versus protectionism has long been the apple of discord between different schools of economic thought. The development of the free trade doctrine from classical political economy to neoclassical theory under neoliberalism progressed an array of arguments against protectionism and in favor of unrestricted international competition. On the other pole, originating predominately from underdeveloped economies, “early” and “late” antagonizers created a long legacy of protectionism that rejected the optimistic prescriptions of free trade. Instead, they advocated for the necessity of protectionism for national development. Despite the differences between “free traders” and “protectionists” regarding the particular means, both sides have confined their positions to the narrow limits of capitalist development. Building upon that premise this paper critically revisits the development of the debate and provides a Marxist political economy critique of the dispute by interrogating the class-biased implications of both free trade and protectionism. By extension, the critique of the existing debate invites further steps in reimagining development alternatives that are not necessarily confined to capitalism.