- Discuss the arguments in favour of trade protection, including the protection of domestic jobs, national security, protection of infant industries, the maintenance of health, safety and environmental standards, anti-dumping and unfair competition, a means of overcoming a balance of payments deficit and a source of government revenue.
- Discuss the arguments against trade protection, including a misallocation of resources, the danger of retaliation and “trade wars”, the potential for corruption, increased costs of production due to lack of competition, higher prices for domestic consumers, increased costs of imported factors of production and reduced export competitiveness.
You will address these objectives in the packet you already have.
Plus there are these case studies... read and answer the questions:
Japan fights to protect rice farming
International caviar trade banned
China anger over EU shoe ruling
If you have finished then look for an article on protectionism yourself... one that you might be able to use for third piece of internal assessment.