[MGCR 382] - Midterm Exam Guide - Everything you need to know! (31 pages long)

• School: McGill University
• Department: Management Core
• Course: MGCR 382
• Professor: Donald Melville

Document Summary

Multiple physical and social factors affect the flow of goods and services. Protectionism-policies that: affect the ability of foreign producers to compete in your home market, li(cid:373)it or e(cid:374)ha(cid:374)(cid:272)e your (cid:272)o(cid:373)pa(cid:374)y"s ability to sell abroad or acquire needed foreign supplies. Policymakers are challenged by: conflicting objectives. Stakeholders include: workers, owners, suppliers, local politicians. Those who are most directly affected tend to be loudest in voicing their concerns. Trade restriction changes bring about winners and losers among countries, companies, and workers. Gains to consumers from freer trade may come at the expense of companies and workers. The international regulatory situation is becoming more complex. Looking forward, there is likely to be both support for freer trade, and also support more protectionism. Multiple economic and noneconomic rationales why governments intervene in trade. Four main economic rationales to intervene in trade: fighting unemployment, protecting infant industries, developing an industrial base, economic relationships with other countries.