It's not just an oxymoron and chimeric fiction; it's a criminal economic policy.
Ask the indigenous peoples of Colombia who, with sticks, stones and slingshots, are currently battling the military and para-military forces there in a valiant effort to wrest control of their lands from multi-national corporations. Ask the Bolivians who fought Bechtel and won the clear and simple human right to drink freely from their own water supply without paying an international conglomerate for it. Ask the millions of people who have been forced to work for pennies a day in the prison-like industrial compounds found in nearly every Third World country.
Now, the Free Trade pigeons have come home to roost in the USA with the continuing loss of jobs and the egregious 'bail-out' of the investment banking giants to the tune of whatever astronomic dollar amount Secretary Paulson can rattle off the top his head.
'Free Trade' is only free if you totally disregard what it costs those who are enslaved by it.