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Free Trade And Protectionism?
Can anyone tell me how are interests of free trade and protectionism resolved in the global economy? Please help me.
asked 1 year ago
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Free trade refers to the trade of goods and services between different countries, unhindered by government-imposed restrictions. When trade is restricted by taxes and tariffs and other non tariff barriers such as legislation and quotas, the business is said to be protected. They are both basically opposite to each other. Free trade eliminates protectionism and vice versa. In a true global economy Protectionism will be eliminated and free trade will be promoted.
answered 1 year ago
Well, Free Trade has advantages and disadvantages like everything. The more resources you have the more likely it will bring benefits to you. Yes, Free Trade means more jobs to go to other countries but only jobs that required very little skills. On the other hand, take the case of Peru. There are 25,000 cotton growers in Peru with no subsidies at all. There are 28,000 cotton growers in the US WITH subsidies. With the Free Trade Agreement, Peru will be able to export with no taxes clothes to the US but only if American cotton it is used. What does it do to the cotton growers in Peru? It basically leaves them without a job and no means to support their families. They will have to migrate to the capital and there, with no skills will probably add to the long list of unemployed, poor people that eventually will try to escape their fate and will immigrate to the US.
answered 10 months ago
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Yes, but as my post notes, Free Trade AND protectionism does work together in the US. Take the example of the cotton growers. Even though a Free Trade Agreement has been signed with countries like Peru, the US government is still providing subsidies to cotton growers to the US so they have a huge advantage when compared to farmers in Peru and Egypt (for example) that have a much higher quality of cotton but just can't sell it. Check out a complete article here: http://blog.inca-kids.org
comment made by Incakids 10 months ago
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