The Problem of Protectionism In the Trans-Pacific Partnership

The Trans-Pacific Partnership (TPP) is often referred to in the media as a "free-trade" agreement. This is not true. Most of the pact is about putting in place a business-friendly regulatory structure, not reducing trade barriers. Perhaps more importantly, the deal will explicitly increase protectionist barriers in the form of stronger and longer copyright and patent-related protections.

These forms of protection impose the same sort of costs as any other form of protection. Markets are not s...