Protectionism Vs Free Trade Essay
For Centuries people have been debating that a country should follow which school of thought to increase her economy but debate goes on and on because both of the thoughts have their own pros and cons and are applicable in certain pre conditions. Here I will try to explain both of the thoughts. Free trade is a policy followed by some international markets in which country’s governments do not restrict imports from, or exports to, other countries. Free trade is exemplified by European economic area and the Mercosur, which have established open markets. (Wikipedia)
Free trade helps in increasing the trade between countries and if trade is increased the local industries get motivation to become true global competitors
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Protectionism weakens the industry. Without competition companies cannot progress because the domestic product will reduce its quality and increase its price as it will have no competitor. If any country loses its borders other countries will do the same this decreases the economy of country.
In my point of view free trade is far better than protectionism. Though protectionism has a lot of advantages but in long term protectionism has many dark aspects as it specifies the trade of the country whereas free trade opens the barriers of the trade which welcomes international investors an firms to invest in country that helps in increasing the economy of the country. At present stage Pakistan needs protectionism as it has growing industry but after few time it should open the trade for all of the countries.
In nutshell, both of the thoughts have their own advantages and disadvantages according to the conditions and circumstances. Till a specific time of progress a country should follow the protectionism and then it should follow the free trade. In order to
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