Protectionis Trade Policies
Is There Any Role For Protectionist Trade Policies? - Economics Essay
Paul Krugman (1987) once declared that "if there was an Economist's Creed, it would surely contain the affirmations, "I believe in the Principle of Comparative Advantage," and "I believe in free trade." In theory, free trade is seen as a positive sum game that maximises world output and consumers' choices, fosters peace and harmony among nations, and spurs domestic efficiency (Friedman, 1988). As its corollary, protectionism is regarded as a zero or negative sum game that should play no part in world affairs, a view strongly supported by the World Trade Organisation. Nevertheless, protectionist trade policies are still adopted in both highly developed countries like the USA and in developing countries like India. This phenomenon hints that there could be justification for protectionist trade policies, a view that is echoed by Corden's (1974) declaration that "theory does not say that trade is best
it says that......
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Approximate Word Count: 2930
Approximate Pages: 12 (250 words per double-spaced page)
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Protectionis Trade Policies
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