government's standpoint on trade and protectionism is that he allows free trade
government's standpoint on trade and protectionism is that he allows free trade
government's standpoint on trade and protectionism is that he allows free trade
Protectionism
Protectionism refers to economic policies that governments implement to restrict imports and promote domestic industries. This can include tariffs, quotas, and subsidies aimed at shielding local businesses from foreign competition. Governments often adopt protectionist policies to protect jobs, support nascent industries, safeguard national security, and improve trade balances. Additionally, these measures can be used to respond to unfair trade practices by other countries.
Trade protectionism
protectionism........
Hsiang-Jung Chiu has written: 'The protectionism of the U.S. economy' -- subject(s): Commercial policy, Free trade, Protectionism
Trade protectionism is used by countries when they think their industries are being damaged by unfair competition by other countries. It is a defensive measure, and it is usually politically motivated. It can often work, in the short run. However, in the long run it usually does the opposite of its intentions
Free trade is when a country specializes in one or two areas of goods or service and allows a trade with other country or countries that specializes in different area while protectionism is when a country decides to restrict to its domestic production and stop trading with other countries.
In trade disputes, protectionism represents the viewpoint that governments should intervene to shield domestic industries from foreign competition through tariffs, quotas, and regulations. This perspective prioritizes national economic interests, job preservation, and local industry support. Conversely, the free trade viewpoint advocates for minimal government intervention, promoting open markets and competition, which can lead to lower prices and greater efficiency. Proponents argue that free trade fosters innovation and economic growth by allowing resources to be allocated more effectively across borders.
The term is tariff- a charge on imported goods.
Jonathan L. Tucker has written: 'Free trade, protectionism and investment'