What is the pros and cons of free trade.?

Answer 1

There are a lot more pros than cons. You increase the overall world production and efficiency. People make what they are good at and trade it for other products they need. Protectionism makes your local producers fat and lazy. Just whomever can best lobby the government to protect them, then they don't have to improve or compete. Prices are lower. You are generally getting rid of extra taxes you pay on imports so the local industries can just charge you more. There are more products available.

Cons: There is an initial adjustment time. This is really the fault of the protectionism, not the free trade. Like you get people crying about lost jobs. But say for industrialized nations, you generally are gaining better paying educated jobs and reducing low paying monotonous jobs that go to places with cheaper labour.

The biggest con is the loss of culture. Usually the westernization of the world. You get everyone dressed in jeans and t-shirts, listening to bubblegum rock and drinking coke. You loose beautiful local costumes, traditional local musicians and ethnic food. Large companies have a head start on poor areas and can cause imbalances.