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Two pros and cons of trade restrictions

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Trade restrictions have different effects on LDC's vs. IAC's. Discuss at least two pros and two cons of trade restrictions for LDC's and IAC's. Give specific examples in your answer.

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Two pros and cons of trade restrictions for IACs and LDCs.

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Industrially advanced countries (IACs) are countries in with advanced capital and high GDP per capita. Least developed countries (LDCs) rely heavily on labor and are too poor to invest in capital, so they cannot develop without outside help. Clearly, a pro of trade restrictions would be to help these country become wealthy enough to buy capital. Of course LDCs would like to have trade restrictions in place for imports to their countries, not not for exports. In that case, trade restrictions would not be good for them. Anything that prevents them from being able to sell their goods to other countries would ...

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