Question

Explain the arguments for protectionism in global trade include (provide 5 examples of positive reasons to...

Explain the arguments for protectionism in global trade include (provide 5 examples of positive reasons to protect your home market)

Homework Answers

Answer #1

Reasons to protect home market are-

  1. Inequality- Globalization increase inequality and increases the gap between the countries involved in Globalization and the countries which are not.
  2. Inflation- Sometimes, the demand of some products increases too much in presence of global trade, that in the shortfall of quantities of these products, this result in inflation.
  3. BOP- when imports exceeds exports, it leads to BOP crises which further results in downturn in the economy.
  4. Instability- protectionism from global trade eliminates instability which could result from opening of markets.
  5. Local business- protectionism also provides protection to the businesses from MNCs and other big retail companies which could steal all the market share in case of presence of globalization.
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