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What are the basic arguments in favor of protectionism?

April 26, 2017BASIC favor protectionism

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What are the basic arguments in favor of protectionism?

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Protectionism protects domestic industries and therefore domestic jobs. The money spent by consumers fuels job creation and business expansion at home. In addition, foreign industries can afford to pay lower wages, are not forced to meet similar safety and environmental standards, and are often subsidized by their governments making it difficult for domestic industries to compete without some degree of protection.