General Discussion
In reply to the discussion: Heads Up!! "Obama Ready to Defy Base in Order to Advance Trans-Pacific Partnership" [View all]Albertoo
(2,016 posts) On the first point, It's not just Ricardo, but also Adam Smith, all the way to Keynes who advocate free trade. Please note I had included in my comments above the caveat that protectionism can be useful when nations are waaay behind in technology or development. I mentioned post war Japan. That was developed by Porter or Ha-Joon Chang for example.
On your point two, I have already stated there needs to be sanitary, safety regulations. From fraud, pollution and food poisoning, obviously. Now banking schemes and denial of rights, what do you have in mind?
I have also mentioned that 'regulations' in the name of exaggerated 'safety' can be erected as trade barriers in disguise. To wrap up, yes to safety regulations, provided they are not abused to become wilful trade barriers.
One last thing, I do not see what you mean when you say ""regulations" are what created the middle class.". The Industrial Revolution created the middle class. Machines produced much more than arms could = more supply = more demand. Regulations are safeguards, they don't create things by themselves?