Arguments Of Protectionism: The Pros And Cons Of Protectionism

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IF a common man is questioned “can protectionism ever be justified” he’d probably say NO, we live in a world of globalisation and there won’t be many who agree with the term protectionism is today’s day, its mostly considered as an “economic bad” . You will easily find governments who say ‘I am in favor of globalisation’ but rarely will u ever find a nation which says “we are for protectionism” and that’s probably the most basic difference between the two. Let’s start with understanding protectionism before we debate if it’s even justifiable or not? Protectionism may be defined as (Block, and McGee, 1997) ‘Any policy intended to shield domestic industries from import competition’ Protectionism is merely an attempt by a countries government…show more content…
Protectionism is coming to us from all directions, and numerous nations are using both direct and indirect barriers to trade, as when they require to do so. What economists mostly talk about are the threats of protectionism, rather than its benefits and how protectionism isn’t a long term solution. By now we have understood that protectionism, whether we like it or not, is used in certain economic situation by every other country, but it shouldn’t be seen as a permanent solution. Protectionism is a superficially convincing concept, because we can immediately point out the number of jobs saved, lesser no of imports etc. but it slightly more difficult to see the benefits of free trade in numbers, but one country’s protectionist policies will not just hurt their trading countries exports. The formers countries exports will also be affected sooner or…show more content…
(49), pp. 375-384 14. Kafka, Alexandre. (1962) 'A NEW ARGUMENT FOR PROTECTIONISM?. ' Quarterly Journal of Economics. 76(1), pp.163-166 15. Kee, H.L., Neagu, C. and Nicita, A. (2013) 'Is protectionism on the rise? Assessing national trade policies during the crises of 2008. ' Review of Economics and Statistics 95(1), 342-346 16. LAMBSDORFF, O.G. (summer 2007) 'Will Environmentalism Become The New Protectionism?. ' International Economy. (21), pp. 38-50 17. Peterson, T.M and Thies, C.G. (January 2014) 'The Demand for Protectionism: Democracy, Import Elasticity, and Trade Barriers. ' International Interactions. (40), pp. 103-126 18. STEYN, G. (n. d.) NO RESERVATIONS [online] available from <> [25 October 2014] 19. Walter, I. and Jones, K.A (1981) 'THE BATTLE OVER PROTECTIONISM: HOW INDUSTRY ADJUSTS TO COMPETITIVE SHOCKS.. ' Journal of Business Strategy (2), pp.37 20. Wong, Y.Y and Chan, P.S (1993) 'The Global Textile and Apparel Industries: US Protectionism and the Strategic Responses of Asian Competitors. ' INTERNATIONAL JOURNAL OF

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