Globalization has changed the way that everyone conducts business. Throughout history, man has constantly increasing its scope from a local agrarian economy, to cottage industries, to domestic industry, to the newly globalized international framework of commerce that exists today. This progression is quite logical, as it ever increases the efficiency at which products are produced and services are rendered. However, when put in context, the theoretical maximization of efficiency may have dire consequences on independent nations. The over specialization of nations' industries, in the effort of globalization and efficiency, also has the effect of reducing internal commercial infrastructure. This paper examines economic protectionism, and highlights two situations in which its use is fully warranted.
Globalization is currently the most influential aspect of business today. Look around and inspect some common items around you: televisions, automobiles, refrigerators, vacuum cleaners, even the clothes on your back. Chances are that every single item you see has been impacted by globalization. Whether the item has foreign parts or is produced entirely outside of your country, it has been directly impacted upon by globalization.
Globalization, on the whole, is a good thing. Globalization greatly empowers consumers, enables unprecedented market knowledge, and has pioneered breakthroughs in logistics. However, globalization can act as a detriment as well, to both underdeveloped and developed nations alike. Although free trade is an amiable goal, the realities of unrestricted trade must be evaluated and planned for. This paper will evaluate those realities through the economics of globa...
... middle of paper ...
Canadian Cultural Protectionism. (2006). Wikipedia. Retrieved October 9th, 2006 from Wikipedia.org website: http://en.wikipedia.org/wiki/Canadian_cultural_protectionism
Kaempfer, Tower, & Willett. (2002). Trade Protectionism. The Encyclopedia of Public Choice.
Klink, Ron. (1999). Congressional Record.
Mankiw, Gregory N. (2003). Principles of Microeconomics. Thompson Learning.
McConnell and Brue. (2004). Economics. McGraw Hill College.
Protectionism. (2004). The American Heritage® Dictionary of the English Language. Fourth Edition.
Protectionism. (2006). Wikipedia. Retrieved October 7th, 2006 from Wikipedia.org website: http://en.wikipedia.org/wiki/Protectionism
Seeman, Roderick. (1982). The Japan LawLetter. October.
Total War. (2004). The American Heritage® Dictionary of the English Language. Fourth Edition.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- This paper strives to examine the key concept of globalization as it affects developing countries. It is a review of two articles; the first titled “The limits of globalization in the early modern world” by De Vries(2010), while the other article is titled” could developing countries take the benefit from globalization?”by Hartungi(2006). The two articles are similar in that they highlight the negative impact of globalization on developing countries but contrast on scope of study and evolution of globalization in general.... [tags: Globalization International Development]
1067 words (3 pages)
- Globalization as generally understood involves the increasing interaction of the world's peoples through their national economic systems. Of necessity, these economic systems are reasonably compatible and, in at least some important respects, market oriented. During the past half-century, barriers to trade and to financial flows have generally come down, resulting in a significant broadening of world markets. Expanding markets, in turn, have enhanced competition and nurtured what Joseph Schumpeter called "creative destruction," the continuous scrapping of old technologies to make way for the new.... [tags: Globalisation Essays]
1088 words (3.1 pages)
- The trade protectionism has been a huge area of debate in recent years over the pros and cons to America. The growth of business since the recession is all about the supply and demand. In order for America to protect their industries they needed an avenue that would give their young industries time to develop, thus entered the idea of Trade Protectionism. What exactly is trade protectionism. Trade protectionism is a defensive measure, usually politically motivated, used by countries when they are having their industries decline due to unfair competition from foreign counterparts, this is done mainly through the use of tariffs or tax on imported goods.... [tags: Free trade, International trade, Protectionism]
1407 words (4 pages)
- Case: Antidumping Measures as Protectionism Dumping is defined as the sale of a product for export at a price that is lower than the price charged by the same firm in its home market or at a price below costs of production. Dumping can happen for a number of reasons. Firstly, it can be maintained as a short-term predatory pricing strategy by exporters designed to put competitors in an export market out of business. Also, it can be the result of market intervention or state subsidy of a company’s production that enables it to artificially lower the cost of export.... [tags: Economics Protectionism]
1433 words (4.1 pages)
- International Trade and Protectionism The benefits of globalization and open trade to any country’s economy are immense since international trade agreements and unilateral liberalization allow for the adoption of low tariffs. However, these benefits do not cut across the entire economy and it is often the case that special interest groups are perpetually attempting to use government power to shield themselves from competing imports. The mechanism these interest groups use to enforce such policies is often termed regulatory protectionism (Sykes 24).... [tags: benefits of globalization and open trade]
533 words (1.5 pages)
- Introduction A period of globalisation has brought about the revival of protectionism. This revival is manifesting itself around the world in the actions of the Walloon Parliament in Belgium, the French presidential race, and, for the United States, electing Donald Trump. The president-elect has resolved to remove the United States from the Trans Pacific Partnership (TPP), an eight years in the making free trade agreement that he calls a “potential disaster” (Subramaniam, 2016). Professor Charles Skuba of Georgetown University, who worked in trade policy under George Bush, says that implementing the TPP “would have been a smart strategic and economic move for the United States” and, after... [tags: International trade, Free trade]
1187 words (3.4 pages)
- The History of trade and its relationship to politics, the world’s poor, and the worlds wealthy is deep and extensive. The ideas of free trade vs protectionism have been a part of American history since its origination, but have become most prevalent in its history since the 1800s ( ). The political arguments surrounding it are fierce and passionate, and tend to sway from one side to the other with extreme regularity. There are many schools of thought and often time specific groups of people tend to constantly support the same theory, however the lines tend to get blurry in politics and the publics opinion.... [tags: Poverty, Agriculture, Food, International trade]
1163 words (3.3 pages)
- National economies are more connected today than ever before with nations focusing on their comparative advantages and a global economy has been created but because of this, the world’s economies have become increasingly interdependent and volatile. Oil is the backbone of the global economy, but oil is a quickly depleting resource and eventually government protection of oil resources will lead to the collapse of global trade. Globalization causes negative effects on the world’s economies, with increased interdependence leading to issues like Contagion.... [tags: Globalization Essays]
2422 words (6.9 pages)
- Globalization is a term that has become very popular in recent times. It is a concept with many differing definitions. Thomas L. Friedman, author of The Lexus and the Olive Tree, describes globalization as a movement that enables individuals, corporations, and countries to reach around the globe farther, faster, deeper and cheaper than ever before. Globalization is the spread of free market capitalism to virtually every country in the world. Countries are encouraged to allow free trade, privatization and competition.... [tags: Economics Economy Papers]
1249 words (3.6 pages)
- When using Chanel’s cosmetics, when drinking Danone yogurt with breakfast, when driving Ford motor the way home, global brands which are highly visible symbol of the increasing integration of world market, could been discovered around everywhere. As Thomas L. Friedman (2005) states, ‘World is flat!’, which means world is being shrunk by the spreading of globalisation. Globalisation, a result of social development, can be described as the increase in cross-broader trade and influence on the economic and social behaviour of nation states (David Begg, 2003:272).... [tags: Globalization Economics Analysis Marketing]
1695 words (4.8 pages)