...#816 Essay Importance of protectionism in 21st century economics. Protectionism is the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow (according to proponents) fair competition between imports and goods and service produced domestically. This policy contrasts with free trade, where government barriers to trade are kept to a minimum. In recent years, it has become closely aligned with anti-globalization. The term is mostly used in the context of economics, where protectionism refers to policies or doctrines which protect businesses and workers within a country by restricting or regulating trade with foreign nations. This is what Wikipedia gives us and I am going to tell it by my own words so the Protectionism is economic patronage of the state, which manifests itself in the enclosure of the domestic market of the country from the penetration of foreign products in it, and to promote the competitiveness of export goods in foreign markets. We can say that protectionism is anti-globalization act but we promote our products to the world so it is kind difficult to do announce like that. We have some main types of protectionism: * Selective protectionism - protection from a particular product, or against a particular state; * Industry protectionism - protecting a specific industry; * Collective protectionism - mutual protection of united...
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...Protectionism Protectionism is the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow (according to proponents) "fair competition" between imports and goods and services produced domestically. This policy contrasts with free trade, where government barriers to trade are kept to a minimum. In recent years, it has become closely aligned with anti-globalization. The term is mostly used in the context of economics, where protectionism refers to policies or doctrines which protect businesses and workers within a country by restricting or regulating trade with foreign nations. Advantages of WTO World Trade Organization helps member states in various ways and this enables them to reap benefits such as: Helps promote peace within nations: Peace is partly an outcome of two of the most fundamental principle of the trading system; helping trade flow smoothly and providing countries with a constructive and fair outlet for dealing with disputes over trade issues. Peace creates international confidence and cooperation that the WTO creates and reinforces. Disputes are handled constructively: As trade expands in volume, in the numbers of products traded and in the number of countries and company trading, there is a greater chance that disputes will arise. WTO helps resolve these disputes peacefully and constructively. If this could be left...
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...A Report On “Impact of protectionist trade policy on the domestic industry and economy” Course Name International Economics Course Code FIN: 2210 Submitted To: Shaikh Masrick Hasan Lecturer Department of Finance Jagannath University Submitted By: Sohel Rana On behalf of Group-06 2nd Year 2nd Semester, 6th Batch Department of Finance Jagannath University Date of Submission: 22-02-2014 Group Members SL. NO. | NAME | ID NO. | 1 | SOHEL RANA | B 110203076 | 2 | NURNOBY RAHMAN | 115234 | 3 | UZZWAL HALDER | B 110203046 | 4 | IMAM HOSSAIN | B 110203026 | 5 | FARHANA BHUIYAN | B 110203106 | 6 | SUMAIYA YASMIN | B 110203104 | 7 | HAFIZUR RAHMAN | B 110203025 | 8 | FATEMA AKTER | B 110203006 | 9 | KHALILUR RAHMAN | B 110203055 | 10 | TOHIDUL ISLAM | B 110203024 | Letter of Transmittal Shaikh Masrick Hasan Course Coordinator Money and Banking Dept. of Finance Jagannath University Subject: To submit a report on “Impact of protectionist trade policy on the domestic industry and economy” Sir With a great respect, we are informing you that we have prepared a report on “Impact of protectionist trade policy on domestic industry and economy.” We feel great pleasure for submitting this report to you, which will...
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...Assignment #2 Current Events and U.S. Diplomacy Jared Tate Professor: Marcy Troy POL300 Contemp Intl problems March 8, 2013 A doctrine when being issues by a governmental body is a reference towards the government’s international policies, particularly involving foreign affairs and military strategies. In President Richard Nixon introduced the “Guam doctrine” during a trip to Guam on July 25th 1969 which would coincide with the exact day in which American forces would start their retreat from the jungles of Vietnam. This doctrine being issues was seen by the President as a way of reversing the countries previous stance of protectionism encouraging the countries allies to use greater resources in their own defense allowing the U.S to have the ability to respond to the new international issues it was facing during the cold war. President Nixon believed this was an important stance for the country to take as The nation’s military was being spread too thin and could not keep going at this pace without the ability of these nations to supplement the U.S. military with their own forces. This step would make it more realistic for the U.S. to continue to assist these nations with economic and military assistance. During the cold war the relationship between the U.S. and Vietnam was at an all-time low as the U.S was entrenched alongside the South Vietnamese in a war against the communist held North. This fighting has been ongoing since the 1950’s when...
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...| The Eisenhower Doctrine | | | The Eisenhower Doctrine In the late 1940’s and early 1950’s, while the world was repairing itself from the 6-7 years of war (4 years for the US), unseen forces were posed to launch and spring into action once the war was over, an ideology; one that had taken a country over by storm and revolution. These unseen forces were setup in the cold, grim climate of Mockba (Moscow). Josef Stalin, “the Grim Reaper of Communism”, had plans to sow the seeds of Communism throughout the entire Western half of Europe and elsewhere. While it’s no surprise that when attending the Potsdam Conference in Potsdam, Germany from July 17, 1945 to August 2, 1945, the “Big Three” consisting of : Sir Winston Churchill, (later replaced by Prime Minister Clement Attlee), President Harry S. Truman and Soviet Leader Josef Stalin, met to drawup borders for the re-organization of Europe after the war (Milestones: 1937-1945, n.d). The surprise came when Truman told Stalin that the United States had nuclear weapons and Stalin didn’t even react because he had spies inside the “Manhattan Project” and key information was passed on to ‘Uncle Joe’. The real surprise Truman found out later (Milestones: 1937-1945, n.d). But also, ‘Uncle Joe’ had plans to spread his Communist poison throughout Europe, the Middle East and everywhere else he could. In the early to middle portion of the 1950’s, while Senator Joseph McCarthy was accusing everyone...
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...dominance of small nations by hegemonic powers, and it increases the chances of inter-bloc trade war. The regionalism-is-a stumbling- bloc school focuses on the discrimination. The regionalism-is-a-building bloc school focuses on the liberalization. Reciprocal liberalization of most kinds tends to strengthen pro-trade political economy forces while at the same time weakening the anti-trade political economy forces, and this within each of the participating nations. Fascism is organized around the primacy of the nation and when it comes to economic policy this means promoting national industry by, among other things, avoiding ‘destructive competition. High tariff barriers were an important part of this in the 1920s and 1930s. Of course, protectionism was embraced by all major states in those times, with an important difference. Most nations viewed protection as a...
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...In Chapters 11 and 12 of Jeffery Friedman’s book, Global Capitalism, he explains the history of the international post-war economy, how the US and the Soviet Union helped the war-torn countries rebuild, the emergence of the Bretton-Woods system and the acceleration of the post-war growth. Immediately after the war, the Europeans had exhausted much of their ability to earn money to pay for imports for food, raw materials, and capital equipment. They have sold off most of their foreign investment to pay for the war, losing the earnings from these investments. The Europeans empires were crumbling, restricting their privileged access to the markets and raw material of former colonies. Therefore, the United States and the Soviet Union, as Friedman...
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...Jenor Rasmussen Govt. Chapter 14 1. C 2. E 3. A 4. C 5. B 6. E 7. C 8. B 9. E 10. E Bretton Woods System: international financial system devised shortly before the end of WWII that created the World Bank and the International Monetary Fund Collective security: The idea that an attack on one country is an attack on all the countries Containment: U.S policy of opposing Soviet expansion and communist revolutions around the world with military forces, economic assistance, and political influence Cuban Missile Crisis: the 1962 confrontation over the deployment of ballistic missiles in Cuba that nearly escalated into nuclear war between the United States and the Soviet Union Defense policy: area of policy making that focuses on the strategies that a country uses to protect itself from its enemies Democratic enlargement: policy implemented during the Clinton administration in which the United States would actively promote the expansion of democracy and free markets throughout the world Department of Defense: chief executive branch department responsible for formulation and implementation of U.S defense and military policy Department of Homeland Security: cabinet department created after the 9/11 terrorist attacks to coordinate domestic security efforts Department of state: chief executive branch department responsible for formulation and implementation of U.S foreign policy Détente: the improvement in relations between...
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...With the implementation of fair trade policies and the straining policies that the WTO (World Trade Organization) initiates, globalization will become a threat to the current status of power around the world. Globalization is the process by which regional economies, societies, and cultures have become integrated through a global network of politics through communication, transportation, and trade. Globalization will create a one world economy, where big global corporations make a fortune exploiting slave labor on the other side of the world. With the treat of these global corporations taking control of the world economy because of fair trade policies, Naomi Klein’s argument about disaster capitalism that is discussed in her book The Shock Doctrine, can be directly related. Globalization helps develop third world countries in response to the outsourcing of jobs that multinational corporations carry out. As more capital is poured in to developing countries, those countries will acquire economic stability and increase their standard of living. In return the economy that those individuals belong to will also begin to grow. As stated in Forbes Magazine, “Per-person income in China has climbed from $16 a year in 1978 to $2,000 now. Wages in factory boomtowns in southern China can run $4 a day--scandalously low in the eyes of the protesters, yet up from pennies a day a generation ago and far ahead of increases in living costs” (Robyn Meredith and Suzanne Hoppough). China’s economy is...
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...trade Trade is the transfer of ownership of goods and services from one person or entity to another. Trade is sometimes loosely called commerce or financial transaction or barter. A network that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and services. Later one side of the barter were the metals, precious metals (poles, coins), bill, paper money. Modern traders instead generally negotiate through a medium of exchange, such as money. As a result, buying can be separated from selling, or earning. The invention of money (and later credit, paper money and non-physical money) greatly simplified and promoted trade. Trade between two traders is called bilateral trade, while trade between more than two traders is called multilateral trade. Trade exists for man due to specialization and division of labor, most people concentrate on a small aspect of production, trading for other products. Trade exists between regions because different regions have a comparative advantage in the production of some tradable commodity, or because different regions' size allows for the benefits of mass production. As such, trade at market prices between locations benefits both locations. Retail trade consists of the sale of goods or merchandise from a very fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser.[1] Wholesale trade is defined as the sale of goods...
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...1. Сутність, сучасний стан та перспективи розвитку митно-тарифних відносинУ визначенні стратегії і тактики інтегрування економіки країни до світового економічного простору домінують два погляди. Перший погляд ґрунтується на тезі швидкої (шокової) лібералізації зовнішньоекономічних зв'язків (неолібералізм). Другий погляд (градуалізм) ґрунтується на поступовому переході до "відкритості" економіки, що передбачає поетапний процес, який має свою структурну специфіку і потребує активної ролі держави в даній сфері взаємовідносин.Неолібералізм передбачає згортання господарської діяльності держави, форсування інтернаціоналізації економіки, гомогенізацію світогосподарських механізмів регулювання шляхом надання стихійному ринку повної свободи і забезпечення умов вільної конкуренції.Підґрунтям концепції "шокової терапії" є ідеї монетаристів, що ринок це найбільш ефективна форма організації економічної системи, яка здатна до самоорганізації. Тому трансформація перехідного періоду має відбуватися за мінімальної участі держави.Найбільш оптимальною моделлю взаємовідносин України зі світовим економічним простором є політика помірного протекціонізму: рух у напрямі політики "вільної торгівлі" з точковим використанням інструментарію протекціонізму, зокрема митно-тарифних регуляторів.Об'єктом митно-тарифних відносин є всі види зовнішньоекономічної діяльності, під час здійснення яких відбувається процес переміщення через митний кордон: експорт (імпорт) товарів, капіталу, робочої сили, послуг; науково-технічна...
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...Slide 2 Mercantilism is an economic concept and economic policies that appeared in the XVI century, in time of great geographical discoveries, the development of merchant capital. The authors of such economic outlook, published their treatises in England, France, Holland - in countries emerging from the end of the XV century industrial heyday. Slide 3 But mercatilism is not just politics. The term is used in two senses: as a policy of protectionism (XVI-XVII cc.), The policy of accumulation of gold and silver - the basis of the wealth of the nation and the state and as a theoretical justification for this policy - a system of beliefs, marked the milestone in the history of economic doctrines. The mercantilists were looking for a source not just of wealth, but wealth in the specific form that suits the period of primitive accumulation. They reflect the interests of large commercial capital, for which money is not a treasure, but the form of capital. Money for them is an engine of trade and manufactory production. The source of the flow of wealth is foreign trade. Slide 4 To increase wealth, you need to follow these guidelines: 1) to achieve a positive balance of trade, ie " to sell to foreigners every year more than buy from them"; 2) do not save money as a treasure and use them in trading operations and expand trade, as export of money is mean of increasing national wealth; 3) be economical in expenditure, avoid waste; 4) contribute to the development of industry...
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...Physiocrats sects arose as a critique of economic thought Merchantilist. Mercantilists argued that wealth could be beneficial for the country to be strong and prosperous country should be rich, have a lot to have a lot of precious metal. Praklasik sect that is the Merchantilist pioneered by Thomas Mun (1571-1641), Jean Baptiste Colbert (1619-1683). A mercantilist economic policy model with the dominant government intervention, protectionism and colonial politics, aimed at foreign trade balance. Pioneering mercantilist stressed the importance of state power and conquest abroad as the main policies of the economic policy. If a country does not have a supply of the raw material they need to get the colony as a provider of the shortage. Further colonies not only as a provider of raw materials for a country but also as a market for finished goods. In contrast to the mercantilism, the Physiocrats assume that the source of wealth as real-fact is a natural resource. During the enlightment, French Physiocrats was first pioneered the economic theory stands. Character is Francois Quesnay (1694-1774), a diagram creation is the famous Table Economique. - These people called the physiocratism = physics (natural) and cratain or cratos (power). The Physiocrats believed that...
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...1- Introduction The aim of this paper is to provide an explanation why nowadays the European Union has such a strong Court of Justice (the Court). The paper is composed of four main parts. In the first part we will present a brief overview of the evolution of the Court of Justice through time. The second part deals with the creation of the legal doctrines as a means of empowerment of the Court. In the third part we will discuss the cooperation between the national courts and the Court, and finally the last part is dedicated to the relations between Member States and the Court. It should be noted that in each part of the paper we will bring arguments and various examples to develop a structured and complete answer. 2- The Court of Justice through time The European Court of Justice (Court of Justice under the Treaty of Lisbon ) was created in 1951 as the judicial body of the European Coal and Steel Community. It is based in Luxembourg and is composed of 27 judges, one from each Member State. They are appointed by their Member States for a renewable period of 6 years. The judges are assisted by eight Advocates-General whose main task is to deliver legal opinions. At the beginning the Court of Justice had only three limited functions: • To ensure the administrative compliance of the Member States with the rules of the treaties, • To resolve the disputes in case the EU laws are vague, • To keep the Commission and the Council of Ministers from exceeding their authority...
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...However, the depression had not been the actual cause; it was more like the overly financing and speculation of land and protected industries that led to market bubbles, along with the coddling of the gold standard that could have possibly abbreviated the depression under reform, bimetallism, or free floating currency. Isolationist policy mandated the implementation of protective measures against outside forces that had the capacity to stifle the development of domestic industries. A deviation from pure, unfettered free market ideology, tariffs, subsidies, and convenient reciprocity treaties-that circumvented protectionism in certain commodities rather than abandoning tariffs altogether- were perceived to serve the greater good; they were not only amenable to industrial growth, but in developing the nation’s credibility as a force to be reckoned with. Growing the economy from the inside, outward had seemed to be desirable in theory, but looking to develop foreign markets in the midst of domestic crisis was more of a detraction from the state of affairs at home. Indeed, disinflationary measures in the Northeast had afforded industrialists cheap labor and allowed artificial protection to business in its infancy, but had also contributed to a false sense that production could be sustained at business as usual levels. For...
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