Protectionism
ECON4 Protectionism
- Created by: Bethany
- Created on: 23-04-13 12:04
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- Protectionism
- Arguments for:
- To prevent dumping
- To avoid unfair competiton
- Arguments against:
- Protection shifts the supply curve Left reducing consumer surplus and increasing price.
- Retaliation
- Countries harmed by protection are likely to retaliate reducing international trade. UK 30% of GDP from international trade.
- Props up inefficient monoply producers
- Equity
- Protection redistrubtes income in favour of protected therefore poorer cannot afford the increased prices.
- Untitled
- Techniques
- Tarriffs
- Subsidies
- Embargoes
- Quotas
- Administrative restrictions
- Voluntary agreements
- Dumping
- Dumping is the sale of goods at less than cost price by foreign producersin the domestic market.
- Arguments for:
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