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As you read the chapters and review the videos, reflect on what you have learned about...

As you read the chapters and review the videos, reflect on what you have learned about international trade and write a two-page presentation of your own views in your own words about when, if ever, "protectionism" (including restrictions on the free movement of labor) is justified.

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Answer #1

Protectionism may be justified on following grounds, you may not agree with all of them, kindly mention the ones you agree with and can provide a detailed explanation. Let me know if you need detailed inputs on any of these.

1. To protect local industry, especially if the other country is engaging in Dumping and providing export subsidies, monetary incentives to its exporters, or if the industry is in a nascent stage of development and cannot compete with larger firms at the global level.

2. To protect local employment- if a large industry, providing substantial employment, is threatened by foreign competition, either due to reasons listed above

3. To curb import of Demerit goods- Cigarettes, Guns etc.

4. In the event of a war, protectionism may be applied to ensure self reliance, securing energy supplies etc.

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