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- National Security Argument. National security protectionist arguments pertain to the risk of dependency upon other nations for economic sustainability. learning objectives.
- Infant Industry Argument. Economic markets are inherently competitive and newer economies are vulnerable to their more developed counterparts in other countries.
- Unfair Competition Argument. One of the strongest arguments for trade protectionism is unfair competition emerging due to differences in policy and enforcement ability.
- Jobs Argument. Many policy makers who are proponents of trade protectionism argue that limiting imports will create or save more jobs at home. learning objectives.
Jul 2, 2019 · This column suggests that people often react by demanding trade protection when faced with shocks that generate unemployment, with the largest effects observed when it is caused by imports arriving from a poor country.
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Aug 29, 2023 · Growing protectionism, trade tensions, and geopolitical challenges are raising concerns about the future of globalization. Global trade has nevertheless proven resilient in the face of multiple shocks, and many countries continue to implement liberalizing policies alongside more restrictive ones.
One of the strongest arguments for some degree of trade protectionism is the tendency for unfair competition to emerge, particularly in developing markets without the infrastructure to monitor their businesses and enforce penalties.
- Protectionism Definition
- Protectionism Methods
- Protectionism vs. Free Trade
- Protectionism Pros and Cons
- Sources and Further Reading
Protectionism is a defensive, often politically-motivated, policy intended to shield a country’s businesses, industries, and workers from foreign competition through the imposition of trade barriers such as tariffs and quotason imported goods and services, along with other government regulations. Protectionism is considered to be the opposite of fr...
Traditionally, governments employ four main methods of implementing protectionist policies: import tariffs, import quotas, product standards, and subsidies.
Free trade—the opposite of protectionism—is a policy of completely unrestricted trade between countries. Devoid of protectionist restrictions like tariffs or quotas, free trade allows goods to move freely across borders. While both total protectionism and free trade have been tried in the past, the results were usually harmful. As a result, multila...
In poor or emerging countries, strict protectionist policies like high tariffs and embargoes on imports can help their new industries grow by protecting them from foreign competition. Protectionist policies also help create new jobs for local workers. Protected by tariffs and quotas, and bolstered by government subsidies, domestic industries are ab...
Irwin, Douglas (2017), "Peddling Protectionism: Smoot-Hawley and the Great Depression," Princeton University Press.Irwin, Douglas A., "Tariffs and Growth in Late Nineteenth-Century America." World Economy. (2001-01-01). ISSN 1467-9701.Hufbauer, Gary C., and Kimberly A. Elliott. "Measuring the Costs of Protectionism in the United States." Institute for International Economics, 1994.C. Feenstra, Robert; M. Taylor, Alan. "Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century." National Bureau of Economic Research. ISBN: 978-0-226-03075-3- Robert Longley
Sep 8, 2022 · 1. Stifled Economic Growth. Trade wars disrupt the flow of goods and services across borders, leading to reduced trade volumes and slowed economic growth. The imposition of tariffs increases the cost of imported goods, prompting consumers to cut back on spending and leading to decreased demand.
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May 10, 2019 · AFP. President Trump has imposed tariffs on a range of Chinese goods. US President Donald Trump has shaken the foundations of global trade, slapping steep tariffs on billions of dollars' worth of...
