Question

how would you reconcile free trade and protectionism?

Answer 1

In my view, WIthout protectionism , regional integration is not possible as free trade have more cons than pros. Free trade can give rise to colonisation of market by economic power. I understand that free trade allows for complete open competition across the global with foreign businesses. For Consumers , have the opportunity to purchase items cheaper which was made overseas. This in turn frees up resources which can be used for other goods or services. But cons for the same are it affectst domestic businesses. If consumers decide to go with a foreign product this contributes to the trade deficit. This also takes money out of domestic businesses which in turn effects whether or not they'll be able to provide jobs, hence protectionism not only helps in resolving trade deficit, encouraging domestic business but also helps in generating jobs in the domestic economy.