Free Trade & PProtectionists
By: Xzabria Jones
Advantages of Free Trade
higher employment rates
less child labor.
Free trade is a policy followed by some international markets in which countries governments do not restrict imports form, or exports to, other countries.
Disadvantages of Free Trade
Reduction in Welfare of Certain Groups
Harmful to Less Developed Countries.
Protectionist is the economic policy of restraining trade between states (countries) through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow fair competition between imports and goods and services.
Advantages of Protectionists
- Protect domestic jobs which are threatened by rise of imports.
- Raise revenue
- Diversify the economy – help develop new industries to give more diversity to economy.
- Protect certain key industries from international competition to try and safeguard jobs.
Disadvantages of Protectionists
1.Increasing prices for domestic consumers.
2.Undermining a country's exports by increasing prices.
3.Damage the trading system.