Quote:
Originally Posted by jakethesnake
-Protectionism makes domestic firms less competitive in the export market
-Protectionism has costs for a country's overall domestic production
-Protectionism has a negative impact on the global economy
-Protectionism holds back economic growth for all countries
http://www.oecd.org/trade/protection...aseagainst.htm
Globalization is the future, protectionism only slows down the inevitable.
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Your point of view is noted.
I dont adhere to an absolute 100% protectionism view.
But we certainly have to acquire a balance.
If a country is trying to grow strong in a new industry, tariffs will protect it from foreign competitors. That gives the new industry’s companies time to develop their own competitive advantages.
Protectionism also temporarily creates jobs for domestic workers. The protection of tariffs, quotas or subsidies allows domestic companies to hire locally.
This benefit ends once other countries retaliate by erecting their own protectionism.
Its a battle for sure!