What Are the Arguments in Favor of Protectionism? Which of Them

question 29

Essay

What are the arguments in favor of protectionism? Which of them are generally recognized as valid by economists?

Assess the role of inflation in economic decisions and contracts.

Identify strategies for individuals and businesses to mitigate the effects of inflation.

Understand how pension programs and employment contracts can adjust to changes in the price level.

Recognize the social and economic costs of unemployment.

---

Definitions:

Negotiations

The process by which two or more parties come together to discuss and reach a mutually beneficial agreement.

Lender of Last Resort

An institution, usually a central bank, that offers loans to banks or other eligible institutions that are in financial difficulty or are considered critical to the financial system.

Joseph Stiglitz

An American economist and a professor at Columbia University, renowned for his work on income distribution, asset risk management, and globalization.

Globalization

The process of interaction and integration among people, companies, and governments worldwide, leading to increased connectivity and interdependence.