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Political poster by the British Liberal Party presenting their view of the differences between an economy based on free trade versus one based on protectionism. The free trade shop is shown as full of customers due to its low prices. The shop based on protectionism shows higher prices, a lesser selection of goods, and a lack of customers.
Arguments for protectionism fall into the economic category (trade hurts the economy or groups in the economy) or into the moral category (the effects of trade might help the economy but have ill effects in other areas). A general argument against free trade is that it represents neocolonialism in disguise. [62]
Smith (2010) questioned the relevance of the Vietnam example, [28] and Griffiths later published a response. [5] Low prices may also occur because the fair trade marketing system provides more opportunities for corruption than the normal marketing system, and less possibility of, or incentive for, controlling it.
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But it said global growth remained below the historical average of 3.7% from 2000-2019, and warned countries against unilateral measures such as tariffs, non-tariff barriers or subsidies that ...
Alexander Hamilton first codified the infant industry argument.. The infant industry argument is an economic rationale for trade protectionism. [1] The core of the argument is that nascent industries often do not have the economies of scale that their older competitors from other countries may have, and thus need to be protected until they can attain similar economies of scale.
Under U.S. Trade Representative (USTR) Katherine Tai, the USTR is a diminished version of its former self, and may actually be harming the U.S. economy and American business.
Marketing ethics and marketing law are related subjects. Relevant areas of law include consumer law which protects consumers and antitrust law which protects competitors - in both cases, against unethical marketing practices. Regulation extends beyond the law to lobbies, watchdog bodies and self-regulatory industry bodies.