Understanding the Pros and Cons of Protectionism

Protectionism is a type of trade policy by which governments attempt to prevent or limit competition from other countries. While it may provide some short-term benefit, particularly in poor or developing nations, unlimited protectionism eventually harms the country’s ability to compete in international trade. This article examines the tools of protectionism, how they are applied in the real world, and the advantages and disadvantages of limiting free trade. Key Takeaways: Protectionism Protectionism is a government-imposed trade policy by which countries attempt to protect their industries and workers from foreign competition. Protectionism is commonly implemented by the imposition of tariffs, quotas on import and exports, product standard, and government subsidies. While it may be of temporary benefit in developing countries, total protectionism typically harms the country’s economy, industries, workers, and consumers. Protectionism Definition Protectionism is a defensive, often politically-motivated, policy intended to shield a country’s businesses, industries, and workers from foreign competition through the imposition of trade barriers such as tariffs and quotas on imported goods and services, along with other government regulations. Protectionism is considered to be the opposite of free trade, which is the total absence of government restrictions on trade.   Historically, strict protectionism has been used mainly by newly developing countries as they build the industries necessary to compete internationally. While this so-called â€Å"infant industry† argument may promise brief, limited protection to the businesses and workers involved, it ultimately harms consumers by increasing the costs of imported essential goods, and workers by reducing trade overall.  Ã‚   Protectionism Methods Traditionally, governments employ four main methods of implementing protectionist policies: import tariffs, import quotas, product standards, and subsidies. Tariffs The most commonly applied protectionist practices, tariffs, also called â€Å"duties,† are taxes charged on specific imported goods. Since tariffs are paid by the importers, the price of imported goods in local markets is increased. The idea of tariffs is to make the imported product less attractive to consumers than the same locally produced product, thus protecting the local business and its workers. One of the most famous tariffs is the Smoot-Hawley Tariff of 1930. Initially intended to protect American farmers from the post-World War II influx of European agricultural imports, the bill eventually approved by Congress added high tariffs on many other imports. When European countries retaliated, the resulting trade war restricted global trade, harming the economies of all countries involved. In the United States, the Smoot-Hawley Tariff was considered an overly-protectionist measure that worsened the severity of the Great Depression. Import Quotas Trade quotas are â€Å"non-tariff† trade barriers that limit the number of a specific product that can be imported over a set period of time. Limiting the supply of a certain imported product, while increasing prices paid by consumers, allows local producers a chance to improve their position in the market by filling the unmet demand. Historically, industries like autos, steel, and consumer electronics have used trade quotas to protect domestic producers from foreign competition. For example, since the early 1980s, the United States has imposed a quota on imported raw sugar and sugar-containing products. Since then, the world price of sugar has averaged from 5 to 13 cents per pound, while the price within the U.S. has ranged from 20 to 24 cents. In contrast to import quotas, â€Å"production quotas† occur when governments limit the supply of a certain product in order to maintain a certain price point for that product. For example, the nations of the Organization of Petroleum Exporting Countries (OPEC) imposes a production quota on crude oil in order to maintain a favorable price for oil in the world market. When the OPEC nations reduce production, U.S. consumers see higher gasoline prices. The most drastic and potentially inflammatory form of import quota, the â€Å"embargo† is a total prohibition against importing a certain product into a country. Historically, embargoes have had drastic impacts on consumers. For example, when OPEC proclaimed an oil embargo against nations it perceived as supporting Israel, the resulting 1973 oil crisis saw the average price of gasoline in the U.S. jump from 38.5 cents per gallon in May 1973 to 55.1 cents in June 1974. Some lawmakers called for nationwide gas rationing and President Richard Nixon asked gasoline stations not to sell gas on Saturday nights or Sundays.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Product Standards Product standards limit imports by imposing minimum safety and quality requirements for certain products. Product standards are typically based on concerns over product safety, material quality, environmental dangers, or improper labeling. For example, French cheese products made with raw, non-pasteurized milk, cannot be imported into the United States until they have been aged at least 60 days. While based on a concern for public health, the delay prevents some specialty French cheeses from being imported, thus providing local producers a better market for their own pasteurized versions. Some product standards apply to both imported and domestically-produced products. For example, the U.S. Food and Drug Administration (FDA) limits the content of mercury in imported and domestically harvested fish sold for human consumption to one part per million. Government Subsidies Subsidies are direct payments or low-interest loans given by governments to local producers to help them compete in the global market. In general, subsidies lower production costs enabling producers to make a profit at lower price levels. For example, U.S. agricultural subsidies help American farmers supplement their income, while helping the government manage the supply of agricultural commodities, and control the cost of American farm products internationally. Additionally, carefully applied subsidies can protect local jobs and help local companies adjust to global market demands and pricing. Protectionism vs. Free Trade Free trade—the opposite of protectionism—is a policy of completely unrestricted trade between countries. Devoid of protectionist restrictions like tariffs or quotas, free trade allows goods to move freely across borders. While both total protectionism and free trade have been tried in the past, the results were usually harmful. As a result, multilateral â€Å"free trade agreements,† or FTAs, such as the North American Free Trade Agreement (NAFTA) and the 160-nation World Trade Organization (WTO) have become common. In FTAs, the participating nations mutually agree on limited protectionist practices tariffs and quotas. Today, economists agree that FTAs has averted many potentially disastrous trade wars. Protectionism Pros and Cons In poor or emerging countries, strict protectionist policies like high tariffs and embargoes on imports can help their new industries grow by protecting them from foreign competition. Protectionist policies also help create new jobs for local workers. Protected by tariffs and quotas, and bolstered by government subsidies, domestic industries are able to hire locally.  However, the effect is typically temporary, actually reducing employment as other countries retaliate by imposing their own protectionist trade barriers. On the negative side, the reality that protectionism hurts the economies of countries that employ it dates back to Adam Smith’s The Wealth of Nations, published in 1776. Eventually, protectionism weakens domestic industries. With no foreign competition, industries see no need for innovation. Their products soon decline in quality, while becoming more expensive than higher quality foreign alternatives. In order to succeed, strict protectionism demands the unrealistic expectation that the protectionist country will be able to produce everything its people need or want. In this sense, protectionism is in direct opposition to the reality that a country’s economy will prosper only when its workers are free to specialize at what they do best rather than trying to make the country self-sufficient. Sources and Further Reading Irwin, Douglas (2017), Peddling Protectionism: Smoot-Hawley and the Great Depression, Princeton University Press.Irwin, Douglas A., Tariffs and Growth in Late Nineteenth-Century America. World Economy. (2001-01-01). ISSN 1467-9701.Hufbauer, Gary C., and Kimberly A. Elliott. Measuring the Costs of Protectionism in the United States. Institute for International Economics, 1994.C. Feenstra, Robert; M. Taylor, Alan. Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century. National Bureau of Economic Research. ISBN: 978-0-226-03075-3Irwin, Douglas A., Free Trade Under Fire, Princeton University Press, 2005.

Athena In Homers Odyssey The Persuasiveness Of Athena

A Father’s Daughter: The Persuasiveness of Athena in The Odyssey In Homer’s The Odyssey the reader is introduced to a number of powerful women, who, as per the social rules of the time, are expected to bend to the whim of their male counterparts. These women, while persuasive and cunning, fall victim to the patriarchal status of Greek society; Penelope, wife of Odysseus and mother of Telemachus, must obey the word of her son; the nymph Calypso must obey the command of Zeus through Hermes; Nausicaa must obey the word of her father. However, the goddess Athena does not fall as low as these women, and therefore through her status, quick wit, and strength of character is able to persuade the King of Gods himself to allow Odysseus to return†¦show more content†¦Now, how on earth could I forget Odysseus? ...No, it’s the Earth-Shaker, Poseidon, unappeased, forever fuming against him for the Cyclops whose giant eye he blinded†¦Ã¢â‚¬  (The Odyssey, 79). Imm ediately, Zeus is at the psychological mercy of his daughter; she has used his past love for Odysseus, the devout warrior who has many times before made sacrifices in Zeus’ name, against him. Her father, unaware that he is falling for her plan, states that he and his fellow gods will â€Å"work out [Odysseus’] journey home† (The Odyssey, 80). Always two steps ahead; Athena states her plan for the gods, placing herself in charge of its fruition, therefore giving herself power over the situation. While Athena is a major goddess, she is still a woman—the daughter of Zeus who must remain subservient to him. For this reason, she chooses her words carefully while speaking to him, making sure to grant him the illusion of power over the situation. Athena speaks to him with honorifics, such as â€Å"Olympian†, as well as referring to him as â€Å"†¦our high and mighty king† (The Odyssey, 80), inflating his ego enough for him to consent to her p lans. This pushes her father to the precipice of superiority, making him feel above his brother, which then allows her to coax empathy into his heart. The clever Goddess uses her powerful words to coerce Zeus without him realizing the extent to which his daughter has him wrapped around her finger, all the while making him think he has control

Community Service Project Essay Example For Students

Community Service Project Essay During my volunteering service at New Utrecht High School at 1601 80th street, Brooklyn, N. Y, 11214, I had an interesting experience. I had volunteered for at least 12. 5 hours. The person that I volunteer to help out is Sharon Li (Ms. Li). She was a delightful and caring person. I had learned many valuable lessons from volunteering at this place. I would volunteer at around 9 am during school hours and ends at 10 am. I had volunteered around 48 mins everyday from Monday to Friday. To this day I still help out and volunteer to help out when i have the time. Everyday, after I had finished second period, I would go to the science department and I would start working. I would most likely enter early so that I can help Ms. Li out with whatever she needs help with. It was very important that I make it on time early, because my responsibilities are very dependable. Everyday , at 9 Am I would have to sort paper and help out the students who needs help with the work. This department provides a quiet area to their students so they can concentrate. I would sort out her paperwork once i get in at 9 Am. Without me ,Ms. Li would be doing more of a work. At 9:15 Am the students would start to walk in to get help with there homework, and I would go over to them to see if I can be at any assist to them. This is the part when my job comes in hand. I help mostly 11th grade students with their homework and classwork because Ms. Li is a chemistry teacher. Students would raise their hands or come over to me when they have a question, and I would walk to them, and answer their questions. if I have trouble I could always refer to Ms. Li. On top of all this, i would sometimes grades homeworks and tests. This goes on everyday, students would ask me for help on their homework. Whether it is a chemistry or and other science related problems, I would have to help them to so they could pass. This is also part of my responsibility and from time to time the AP of the science would come check on the classrooms to see if everything is fine. I would continue to grade their homework and classwork while the student have no more questions to ask me. Every time Ms. Li has a test day, I would have to grade the scan the test and grade them. I would also enter their test grades into the grading booklet. Most of the students in this center would achieve to get an almost to perfect score. As 10 AM hits, the bell would dismiss the students, and I would sign out and let Ms. Li sign my time sheet. This service had affected me in a positive way. I had the opportunity to learn how to tutor other school-mates. I also learned to have better explanations on problems. This service had opened my mind into what 11th grade students are learning now compared to my experience when I was in 11th grade. My community service was a positive experience because the environment was calm. The other volunteers were generous and nice. I would recommend this idea to other people who are going to volunteer in the future. I recommend this place because, its overall a great place to be in. The students are smart and patient. I feel that I can learn a lot through the work I chose. I feel this way because not only did i refresh my memories on my previous science. An example would be a earth science question. while i was trying to teach them explanation to the question, instead I actually learn something that I couldnt understand back when I was learning earth science. If I had the power to make any changes, I would like to add more room for the students, and that there should be more student-volunteer to help out the other students who need help with classwork and homework. .u28916b8606a6395775eb0cd635968dc2 , .u28916b8606a6395775eb0cd635968dc2 .postImageUrl , .u28916b8606a6395775eb0cd635968dc2 .centered-text-area { min-height: 80px; position: relative; } .u28916b8606a6395775eb0cd635968dc2 , .u28916b8606a6395775eb0cd635968dc2:hover , .u28916b8606a6395775eb0cd635968dc2:visited , .u28916b8606a6395775eb0cd635968dc2:active { border:0!important; } .u28916b8606a6395775eb0cd635968dc2 .clearfix:after { content: ""; display: table; clear: both; } .u28916b8606a6395775eb0cd635968dc2 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u28916b8606a6395775eb0cd635968dc2:active , .u28916b8606a6395775eb0cd635968dc2:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u28916b8606a6395775eb0cd635968dc2 .centered-text-area { width: 100%; position: relative ; } .u28916b8606a6395775eb0cd635968dc2 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u28916b8606a6395775eb0cd635968dc2 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u28916b8606a6395775eb0cd635968dc2 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u28916b8606a6395775eb0cd635968dc2:hover .ctaButton { background-color: #34495E!important; } .u28916b8606a6395775eb0cd635968dc2 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u28916b8606a6395775eb0cd635968dc2 .u28916b8606a6395775eb0cd635968dc2-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u28916b8606a6395775eb0cd635968dc2:after { content: ""; display: block; clear: both; } READ: Essay on Intersectionality in the Criminal Justice SystemOther than that, the place is fine, because I believe that the fact that there is an area where students can go to study, do homework, and get tutoring is good enough, because this can help the student become brighter and more prepared for the classes ahead of them. In this community service project, I grew in many ways. I learned how to tutor students. I also learned to have better explanations on organization and being able to explain to the students who had difficulty with the homework. In this project, I learned how to communicate with my school mates and my boss. I had affected this center in many ways. The students had learned many useful tips from to attack their subject problems. As my last day came into place , my boss allowed me to volunteer for more hours because she was pleased with my performance. Mrs. Li had sign a letter stating my proof of volunteering at this place. She would track my hours and make sure that I was always careful in doing my work correctly and was always on my best behavior. She also said I was punctual and performed my duties well. Overall, this community service project had impacted both the students and I in many different ways.