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Liberals believe protectionism: A) hurts the country which adopts a protectionist policy against others b) hurts...

Liberals believe protectionism:

A) hurts the country which adopts a protectionist policy against others

b) hurts the countries that are the object of the protectionist policies

C) hurts both the country that adopts protectionism and its trading partners

D) none of the above

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Answer #1

The correct option is C) hurts both the country that adopts protectionism and its trading partners.

Liberalism and protectionism are two different theoretical paradigms. Liberalism implies for free trade, individual freedom, and deregulation policies. Free trade policy lies at the core of liberal economic order. It is the policy where the governments impose minimum trade barriers on imports or exports. They promote global competition which forms the basis of globalization. On the contrary, Protectionism is defined as the practice of safeguarding the industries of a country from foreign competition. This protection is enforced by different means like border security, tariffs on imports, trade barriers, and different other measures by the governments. In a nutshell, liberalism is outward-oriented policy; whereas, protectionism focuses on inward.

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