Principle of Comparative Advantage: Bicentenary
Debate between Baroness Mobarik and Viscount Ridley
Viscount Ridley
To ask Her Majesty’s Government what plans they have to celebrate the bicentenary of David Ricardo’s principle of comparative advantage, and the case for free trade.
Baroness Mobarik (Con)
My Lords, free trade is and will remain fundamental to the prosperity of UK citizens and of people around the world. We will celebrate this bicentenary by delivering the best environment in which UK trade can thrive and the benefits of free trade can be felt by all.
Viscount Ridley (Con)
My Lords, I thank my noble friend for that encouraging reply and welcome in particular her clarion call on behalf of free trade, which echoes the remarks of our Prime Minister, who has promised to make Britain a global beacon of free trade. I am a little disappointed that she is not able to promise a party to celebrate the publication in 1817 of On the Principles of Political Economy and Taxation by David Ricardo, in which he established the point that poor people and poor countries benefit from free trade just as much as rich people and rich countries, and thereby laid the foundations for the repeal of the Corn Laws and the prosperity of the country. If she were to change her mind and throw such a party, would she consider inviting Donald Trump, Donald Tusk and other mercantilists in the hope that they might learn to love free trade?
Baroness Mobarik
I think I will leave arranging the party to my noble friend, and he can draw up the guest list. But I reassure him that whatever the setting, the UK will remain a strong and proud proponent of free trade, which, as Ricardo’s work predicted, has spread prosperity, lifted millions out of poverty and enhanced political stability across the globe.