We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

What do You Understand by Economic Protectionism - Essay Example

Comments (0) Cite this document
Summary
A literal meaning of economic protectionism would be protectionism in economic matters related to firms and industries. Economic interpretation of the term refers to an economic policy through which protection is offered to domestic firms and industries by restricting trade. …
Download full paper
GRAB THE BEST PAPER
What do You Understand by Economic Protectionism
Read TextPreview

Extract of sample
What do You Understand by Economic Protectionism

Download file to see previous pages... Free trade is known to be more favorable to consumers and hence such protectionism hurts the consumers more (Lee, 2001). The reason for this is mostly consumers have to buy low quality goods at a higher price. The quality of goods obtained at this is far more inferior. They even have to pay higher taxes in order to help the government bear the burden of subsidies. They are of left with little choices since foreign products are lowered or eliminated by imposing restrictions. The case is worst when it comes to essential commodities like food grains, salt, and sugar. The political argument offered for such protection is to have a ‘fair’ trade. This means either the government is trying to make the domestic industries more competitive in international market or it wants to strike a balance between importing goods and maintaining domestic production. Although it is argued that producers are favored with this policy of protection but at the same time they are losing consumers on account of this. Not all industries and firms are receiving protection and subsidies. The ones deprived of such facilities are again diversely hit as they try to increase productivity (Lee, 2001). Economists have also favored free trade than such protection because trade carries the advantages of increased productivity and employment. However real life case examples will help to point out the implications of such protection. Japanese protection for rice production can be cited as an example. Japanese people had been worshipping rice as god and had been fighting to protect rice production. Japanese government has offered subsidies to rice farmers (Barlett, 2006). This and prevention of foreign rice imports has been adopted as strategies for protection. Previously heavy snowing has distorted rice...
These policies are adopted when the country is giving more importance to development of domestic industries rather than engaging in free trade. Economic Protectionism has tremendous influence on consumption as well as production. But the impact is more on the production side. Sometimes protection is offered to some scale industries who hardly show any incentive to grow and just wasting the opportunities and facilities offered by the government. Neither they have any incentive to innovate and produce better quality products. The country suffers a loss of revenue that it could have earned from trade. This is because other countries retaliate in a similar manner by imposing restrictions on the country’s exports. Government is worse off by losing revenue from trade. In some cases the government also offers subsidies to the industries for growth which is helpful only if the industry has the potential to compete with its foreign counterparts.
Moreover urban development demands more landscapes for which they are concentrating on acquisition of rice fields. This will make farmers lose their livelihood. So the government has stepped forward to protect rice farming. It restricts cheap imported rice from entering Japan and at the same time helps the farmers with a support price. Hence rice farming protection can be considered justified here. ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“What do You Understand by Economic Protectionism Essay”, n.d.)
Retrieved from https://studentshare.org/macro-microeconomics/1437360-what-do-you-understand-by-economic-protectionism
(What Do You Understand by Economic Protectionism Essay)
https://studentshare.org/macro-microeconomics/1437360-what-do-you-understand-by-economic-protectionism.
“What Do You Understand by Economic Protectionism Essay”, n.d. https://studentshare.org/macro-microeconomics/1437360-what-do-you-understand-by-economic-protectionism.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
What do You Understand by Economic Protectionism
Economic Protectionism Economic protectionism can be achieved through measures such as the imposition of import tariffs, which will mostly depend upon the situation of the economy. A country in great need of a particular commodity will rather lower the rate of tariffs charged on imported goods in order to encourage importation of a given commodity.
3 Pages(750 words)Essay
Economic Protectionism Essay
The Economic Clause prevents a state from shielding its people from the economic consequences of free trade among the states. This is because alleged protectionist laws involve discrimination against interstate commerce. A finding of economic protectionism by the courts has fatal consequences for the industry, the government, the employees and other stakeholders, hence courts often hesitate to conclude that a statute is tainted by the evils of protectionism.
4 Pages(1000 words)Essay
What do you understand by 'development'
What do you understand by ‘development’, and is the alleviation of poverty the essential prerequisite for development to take place? “Poverty is one of the main problems which have attracted attention of sociologists and economists. It indicates a condition in which a person fails to maintain a living standard adequate for his physical and mental efficiency”.
7 Pages(1750 words)Essay
Free Trade and Protectionism
The government is not discriminating against the imports or in the other terms they interfere with the imports but it is giving certain freeness to the international trade especially for the import of many trades. Actually it is made to protect the domestic producers or in the other words it is made for the people to be more beneficial by purchasing the imported goods through foreign trade so that the cost of the good becomes cheaper when produced by a domestic manufacturer and purchasing that by the people.
7 Pages(1750 words)Essay
Free trade or protectionism
The argument between protectionism and free trade is at least three centuries old, almost as old as the concept of free trade. It gave birth to two opposing political ideologies - capitalism and socialism. While
40 Pages(10000 words)Essay
Effects on Economic Growth by Financial Repression

The author explains that financial repression is a term that was first coined in the 1970s by McKinnon and Shaw, but was actually a condition that existed prevalently before that. As a matter of fact, financial repression was the norm and financial liberalisation, its opposing term, the exception prior to the 1980s.

15 Pages(3750 words)Essay
Comparative advantage, being a dynamic concept, can provide an economic argument in favour of short term protectionism. Discuss
in the last decade exchanging the goods and services based on the basic tenets of Ricardo’s theory of comparative advantage; however, current high level of unemployment in many developed nations has made them rethink with the free trade policies that are in force since last
12 Pages(3000 words)Essay
Describe how studying macroeconomics has helped you understand an issue
This paper describes how learning economics has helped me understand economic policies effectively and how this knowledge will be helpful
3 Pages(750 words)Essay
How do you understand the arts to be theraputic
e art they produce and find that it happens to reduce stress and the calming effect of the therapy helps them resolve conflicts and problems that they have been facing. This special kind of therapy helps a person increase self-esteem and become more expressive as it is an easier
6 Pages(1500 words)Essay
Cultural Protectionism
The uniqueness of these countries tends to be witnessed through various channels including the film industry. However, in the recent times, the US has come under intense pressure because of the seemingly propagation of its culture to other nations. Normally, this happens
11 Pages(2750 words)Essay
Let us find you another Essay on topic What do You Understand by Economic Protectionism for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us