Arguments for protectionism
Explain the national defense, declining industries, and infant industry arguments for protecting a domestic industry from international competition.
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The national defense argument posits that if a nation anticipates the need to defend itself, it may need to have productive capacity for war-related goods at home. For example, although a country may not be able to produce metals efficiently, it may want to protect those industries through trade restrictions. If it become dependent on a foreign supply which is suddenly cut ...
Solution Summary
Analysis of the national defense, infant industry, and declining industry arguments for protectionism.
Protectionism and unfair trade practices
Unions in developed nations often oppose imports from low-wage countries and are strong advocates of restrictive trade barriers to protect what they view as "unfair" import competition. Is such competition "unfair"? Explain your answer with a well-constructed argument and examples to illustrate your point(s).
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