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Is Protectionism a Bad Economic Policy?
Protectionism is a bad economic policy.
Increasing protectionism will further slow economic growth. It would cause more layoffs, not fewer.
Protection of companies inside the borders will reduce competition, thus make companies less prepared for an economic recession.
It immediately raises the price of the imported goods. They become less competitive when compared to local goods
It can be difficult to determine what deserves a tarrif. For example, if steel is taxed but steel kegs are not then we have a conflict.
The protection of tariffs, quotas or subsidies allows domestic companies to hire locally.
Protectionism protects industries in developed countries from being destroyed by global neoliberal capitalism.
Protectionism can be used to avoid the import of products with negative environmental impacts, thereby stimulating sustainable (local) product development.
If a country is trying to grow strong in a new industry, tariffs will protect it from foreign competitors
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