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The Crucible quotes

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Protectionism is an economic policy that does not allow free trade. Barriers in the flow of goods and services between countries are made leading to a decrease in the ratio of the price of domestic goods to the price of imported goods. The barriers used are tariffs1, quotas2, subsidies3, voluntary export restraints4, health and safety standards and environmental standards. "Rising levels of protectionism in the US is cause for serious concern"; too much protectionism on a country could be very concerning to other countries especially if that country provides most of the raw materials for production on other countries. The main reasons for protectionism are to protect infant industries and less developed countries from the big multi-national companies, to overcome disequilibrium in the balance of trade, to protect employment domestically if the infant and local industries are disadvantaged by the economies of scale by multi-national companies, and to prevent the dumping of cheap products by other countries. ...read more.


If the United States applies strict measurements on their imports then it means that the price of the world supply would be more expensive from P1 to P2. A more expensive world supply could lead to the importers to produce less goods/services. There would be a shift on the supply curve, from S1 to S2. This means higher prices and lower quantity of goods for consumers. This could lead to a fall in revenue which could then lead to the fall of that industry on that specific foreign country and therefore increase in unemployment. What the foreign importer country could do is to retaliate by also imposing stricter terms on the goods coming from the United States. This could then lead to a lot of countries retaliating therefore a chain reaction of countries selling their products at a more expensive price. The outcome would then be inflation and lesser choices of goods around the world. ...read more.


What countries could do, like the United States, is to present their valid reason for the imposition of stricter terms, so that the other countries would be able to understand and not take the action to be deceptive. If the government of the United States are really just concerned about security purposes then maybe, they could offer a cheaper way of scanning products that are imported into their country so that the importers are not affected as into the increase in the price of trading. This way, the exporting countries could still export their products in the United States, with a higher price but with a reasonable cost and with a reasonable explanation for the protectionist action. 1 Tariff is a term referring to tax levied on imported goods. 2 Quota is a quantitative limit on imports set by the importing country. 3 Subsidies are direct or indirect payment by the government to domestic producers. 4 VERS is when a foreign producer that limits the quantity of its exports voluntarily. ?? ?? ?? ?? ...read more.

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