Free trade can harm developing countries from "summary" of 23 Things They Don't Tell You About Capitalism by Ha-Joon Chang
One of the most commonly held beliefs in the world of economics is that free trade is always beneficial for all countries involved. It is often assumed that by removing barriers to trade, countries can specialize in what they are best at producing and everyone will benefit from increased efficiency and lower prices. However, this assumption overlooks the fact that not all countries start from the same position of strength. Developing countries, in particular, often face significant challenges in competing in the global marketplace. They may lack the infrastructure, technology, and skilled labor necessary to compete effectively with more advanced economies. As a result, when they open up their markets to free trade, they may find themselves overwhelmed by competition from more developed countries that have significant advantages in terms of economies of scale and technological expertise. This can have devastating effects on local industries in developing countries, which may be wiped out by competition from more efficient producers in the global marketplace. This can lead to unemployment, ...
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