Adam Smith is widely seen as the founder of modern economics with its reliance on free trade. And the call to trade with everyone, even ones enemies, was one of the driving forces of Britain's nineteenth century economic dominance. But now European dependence on Russian oil, along with China's growth in economic and political power, appears to many as if free trade was a grave error.
Should we recognise that free trade breeds rich and powerful enemies, and deal only with those who share our values? Or should we continue to use trade not only to strengthen our own economies but to keep our enemies close and help smooth over global conflict? At root do we need to rewrite our core economic beliefs or can free trade be rescued?