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6 Nov 2021
Problem 22
Page 830
Section: REVIEW QUESTIONS
Chapter 34: Globalization and Protectionism
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6 Nov 2021
Introduction
Protectionism is a policy of imposing tariffs, subsidies, trade restrictions, and other barriers on foreign rivals’ goods in order to safeguard native industries from global competition. Despite the fact that almost all neoclassical economists believe that free trade promotes the world economy as a whole, certain countries have adopted protectionism.
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