Here’s the topic relating to Chapter 2: If a nation decides that it is receiving too many imports, at the expense of its domestic industries, it might consider adding tariffs (taxes) to the import goods. This philosophy is called protectionism. What is YOUR opinion on protectionism? Would you be in favor of adding tariffs to imports, in an effort to protect domestic production? Why or why not? What would be the benefit of protectionism? What would be the cost, to the consumer, of protectionism?
It is good and safe for the nation to protect the domestic industries .protectionism is good to some extent
First of of let us understand what is mean by protectionism. It is policy of the nation to restraining trade between countries through different methods like heavy tariffs on imported goods, restrictive quotas, and a variety of other government regulations
We can highlight the benefit of protectionism as follow
It helps To grow domestic industries
Restricting imports helps the nation to develop new industries that might otherwise be quashed by imports
All these developing industries can add to the country’s economic growth
In total this initiative will create jobs, increase the overall wealth of the country and lead to a better balance of trade
