Summary of In Name Only

Are Free Trade Zones Assisting Capitalism or Criminals and Crony Capitalists?

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In Name Only summary
Are free trade zones islands of the free market or paradises for drugs, thugs and dirty money?

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Recommendation

Free trade zones (FTZs) have proliferated in the absence of a global trade agreement. FTZs attract overseas businesses by adopting a laissez-faire attitude toward tariffs, duties and regulations. Yet these same liberal market principles lure counterfeiters, money launderers, drug smugglers and other criminals. Economist Roger Bate provides chilling evidence of the dangers FTZs pose to legitimate companies and to global security. getAbstract recommends his gripping anecdotal report to policy makers, business executives and concerned consumers.

In this summary, you will learn

  • How the failure of global trade negotiations led to the rise of free trade zones (FTZs)
  • Why FTZs often become centers for cross-border criminality
  • How to clean up FTZs
 

Summary

Due to governments’ inability to negotiate a global free trade agreement, free trade zones (FTZs) – regions “where national customs laws regarding import duties and taxes do not apply” – have filled the void. Some 3,500 FTZs operate in 130 states. These commercial zones collectively generated $500 billion...
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About the Author

Roger Bate is an adjunct scholar at the American Enterprise Institute.


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