ECON4 Protectionism

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  • 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.


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