Common examples of protectionism, or tools that are used to implement a policy of protectionism include tariffs, quotas, and subsidies. All of these tools are meant to promote domestic companies by making foreign goods more expensive or scarce."}},{"@type": "Question","name": "Is Protectionism Left-Wing or Right-Wing Politics?","acceptedAnswer": {"@type": "Answer","text": "Traditionally, protectionism is a left-wing policy. Right-wing politics generally support free trade, which is the opposite of a protectionist stance. Left-wing politics support economic populism, of which protectionism is a part."}},{"@type": "Question","name": "What Are the Arguments for Protectionism?","acceptedAnswer": {"@type": "Answer","text": "Lawmakers that favor protectionist trade policies believe that they protect jobs at home, help support and grow small companies and industries, and provide a layer of security to the nation."}}]}]}] Investing Stocks Bonds ETFs Options and Derivatives Commodities Trading FinTech and Automated Investing Brokers Fundamental Analysis Technical Analysis Markets View All Simulator Login / Portfolio Trade Research My Games Leaderboard Banking Savings Accounts Certificates of Deposit (CDs) Money Market Accounts Checking Accounts View All Personal Finance Budgeting and Saving Personal Loans Insurance Mortgages Credit and Debt Student Loans Taxes Credit Cards Financial Literacy Retirement View All News Markets Companies Earnings CD Rates Mortgage Rates Economy Government Crypto ETFs Personal Finance View All Reviews Best Online Brokers Best Savings Rates Best CD Rates Best Life Insurance Best Personal Loans Best Mortgage Rates Best Money Market Accounts Best Auto Loan Rates Best Credit Repair Companies Best Credit Cards View All Academy Investing for Beginners Trading for Beginners Become a Day Trader Technical Analysis All Investing Courses All Trading Courses View All TradeSearchSearchPlease fill out this field.SearchSearchPlease fill out this field.InvestingInvesting Stocks Bonds ETFs Options and Derivatives Commodities Trading FinTech and Automated Investing Brokers Fundamental Analysis Technical Analysis Markets View All SimulatorSimulator Login / Portfolio Trade Research My Games Leaderboard BankingBanking Savings Accounts Certificates of Deposit (CDs) Money Market Accounts Checking Accounts View All Personal FinancePersonal Finance Budgeting and Saving Personal Loans Insurance Mortgages Credit and Debt Student Loans Taxes Credit Cards Financial Literacy Retirement View All NewsNews Markets Companies Earnings CD Rates Mortgage Rates Economy Government Crypto ETFs Personal Finance View All ReviewsReviews Best Online Brokers Best Savings Rates Best CD Rates Best Life Insurance Best Personal Loans Best Mortgage Rates Best Money Market Accounts Best Auto Loan Rates Best Credit Repair Companies Best Credit Cards View All AcademyAcademy Investing for Beginners Trading for Beginners Become a Day Trader Technical Analysis All Investing Courses All Trading Courses View All EconomyEconomy Government and Policy Monetary Policy Fiscal Policy Economics View All Financial Terms Newsletter About Us Follow Us Table of ContentsExpandTable of ContentsWhat Is Protectionism?Understanding ProtectionismTypes of Protectionist ToolsProtectionism FAQsEconomyEconomicsProtectionism: Examples and Types of Trade ProtectionsBy
Common examples of protectionism, or tools that are used to implement a policy of protectionism include tariffs, quotas, and subsidies. All of these tools are meant to promote domestic companies by making foreign goods more expensive or scarce.
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Traditionally, protectionism is a left-wing policy. Right-wing politics generally support free trade, which is the opposite of a protectionist stance. Left-wing politics support economic populism, of which protectionism is a part.
Using a proven model for analyzing the impact of trade flows on economic growth, the research team compared two scenarios of merchandise flows among the G20 countries. One scenario assumes a high level of open and rules-based trade, and the other assumes the maximum plausible level of trade restrictions, including a rise in average global tariffs, the continuation of tariffs associated with US-China trade tensions, and the implementation of few new trade-facilitating measures.
In the first year, the two scenarios have similar economic impacts, but then they diverge. Under the protectionist scenario, the value of traded goods levels off, and so does GDP. Under the open trade scenario, trade value grows by 2.0 to 2.6 percentage points per year, with GDP following at a growth rate of 1.8 to 2.3 percentage points per year. The research takes into account only merchandise trade. If services trade were included, the value of easing trade restrictions would be even more material.
4. Promote the export of services and nonphysical goods, by reducing services trade restrictions, encouraging a common understanding on intellectual property regulation, adopting shared standards for data localization, and abolishing customs duties on electronic transmissions.
To assess the impact of trade policy on economic growth, we used the BCG Global Trade Model as a baseline to estimate G20 trade in merchandise flows. The formulae this model uses have consistently correlated with actual trade developments and economic growth rates. The five-year time horizon reflects recognition of the evolutionary nature of trade dynamics: they tend to reinforce themselves over time, becoming more extreme in the direction first chosen.
Then, based on historical and observed relationships between trade policy and trade values, we projected trade in merchandise value (exports only, to avoid double counting) and gross domestic product (GDP) for each G20 country and for the whole group under each scenario. We then estimated the GDP effect of each trade scenario, on the basis of the historical relationship between trade and GDP in each G20 country.
The EU actively engages with countries or regional groupings to negotiate trade agreements. These agreements grant mutually-beneficial access to the markets of both the EU and the countries concerned. EU companies can grow their business, and can also more easily import the raw materials they use to make their products.
Each agreement is unique and can include tariff reductions, rules on matters such as intellectual property or sustainable development, or clauses on human rights. The EU also gets input from the public, businesses, and non-government bodies when negotiating trade agreements or rules.
The EU supports and defends EU industry and business by working to remove trade barriers so that European exporters gain fair conditions and access to other markets. At the same time, the EU supports foreign companies with practical information on how to access the EU market.
If protectionism drives trade-labor linkages, one would expect LCs to act as hidden trade barriers and, accordingly, to be associated with reduced trade. This paper tests this proposition by examining the impact that the introduction of LCs as well as various types of LCs in PTAs has on bilateral trade flows. To measure the trade effects that LCs have we use a new dataset that provides detailed information on the inclusion and design of labor provisions in PTAs since the early 1990s. Labor provisions in PTAs vary considerably in terms of their scope and stringency. At the one end of the spectrum, we find shallow LCs with a single reference to "improve working conditions" in the preamble (e.g., Chile-Ecuador PTA of 2008). At the other end, we find LCs with stringent provisions, such as those PTAs with substantive commitments to improve labor standards in the main text that are legally binding and strongly enforceable (e.g., US-Jordan PTA of 2000), those with strongly institutionalized cooperation mechanisms over labor-related commitments (e.g., EC-Korea PTA of 2010), or those including both these features (e.g., Canada-Colombia PTA of 2008).
Despite widespread beliefs that LCs amount to disguised protectionism, it is not a priori clear whether the inclusion of LCs in PTAs will actually reduce or increase trade. Whether the motives for the introduction of LCs are sincere (as in fair trade) or not, the effects of LCs can be protectionist. If LCs improve labor practices and then labor costs in developing countries, it can lead to a deterioration in their comparative or competitive advantage and thus to reduced trade. Moreover, LCs in PTAs can lead to the deterioration of market access for low-income countries in breach of labor rights requirements in PTAs if advanced economies use enforceable LCs to withdraw trade concessions.
Others have argued that the external enforcement of minimum labor standards via LCs can help increase the demand for products from the South in the North, whether or not LCs affect labor conditions, leading to more trade. First, LCs can signal to concerned consumers and firms in the North that there is adequate worker protection in the low-income partner. Second, strong LCs can be in the interest of low-income countries that lack the capacity to implement their own labor laws as they can help enforce existing laws and reduce the uncertainty associated with their enforcement. Given that developed countries have increasingly placed value on strong labor protection, raising standards can result in developing countries becoming more competitive in developed markets. Polaski (2003) offers an interesting discussion of how the LC in the US-Cambodia PTA helped the Cambodian government implement worker protection policies, which the government considered desirable, but would have been impossible to implement without the PTA given the political economy at the time in Cambodia. Moreover, LCs may be linked to more trade by way of a supply-side mechanism running through improvements in labor standards and productivity (Brown et al., 2013). be457b7860
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