Protectionism
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The document discusses various barriers to international trade, including transportation costs, policy barriers like tariffs and non-tariff barriers, and internal trade costs. It also examines the motivations for countries adopting protectionist policies, such as responding to dumping or trade deficits, protecting domestic employment, and protecting strategic industries. Finally, it outlines some arguments against protectionism, noting the risks of retaliation, market distortion effects like higher consumer prices and costs for exporters.
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Protectionism
- 2. Trade Barriers Transportation costs • Freight costs • Time costs • Customs Delays Policy barriers • Import Tariffs • Non-tariff barriers Internal trade and transaction costs • Information costs • Contract enforcement costs • Red tape
- 3. Trade Barriers Transportation costs • Freight costs • Time costs • Customs Delays Policy barriers • Import Tariffs • Non-tariff barriers Internal trade and transaction costs • Information costs • Contract enforcement costs • Red tape
- 4. Trade Barriers Transportation costs • Freight costs • Time costs • Customs Delays Policy barriers • Import Tariffs • Non-tariff barriers Internal trade and transaction costs • Information costs • Contract enforcement costs • Red tape
- 5. What Motivates Protectionism? Response to “Dumping” Response to chronic trade gap Employment protection Protect “fledgling” - infant sectors Protect key / strategic industries Raise revenues for the government Response to a recession / low demand
- 6. What Motivates Protectionism? Response to “Dumping” Response to chronic trade gap Employment protection Protect “fledgling” - infant sectors Protect key / strategic industries Raise revenues for the government Response to a recession / low demand
- 7. What Motivates Protectionism? Response to “Dumping” Response to chronic trade gap Employment protection Protect “fledgling” - infant sectors Protect key / strategic industries Raise revenues for the government Response to a recession / low demand
- 8. What Motivates Protectionism? Response to “Dumping” Response to chronic trade gap Employment protection Protect “fledgling” - infant sectors Protect key / strategic industries Raise revenues for the government Response to a recession / low demand
- 9. What Motivates Protectionism? Response to “Dumping” Response to chronic trade gap Employment protection Protect “fledgling” - infant sectors Protect key / strategic industries Raise revenues for the government Response to a recession / low demand
- 10. What Motivates Protectionism? Response to “Dumping” Response to chronic trade gap Employment protection Protect “fledgling” - infant sectors Protect key / strategic industries Raise revenues for the government Response to a recession / low demand
- 11. What Motivates Protectionism? Response to “Dumping” Response to chronic trade gap Employment protection Protect “fledgling” - infant sectors Protect key / strategic industries Raise revenues for the government Response to a recession / low demand
- 12. Tariffs / Import Duties
- 13. WTO Tariff Profile for 2012
- 14. Tariff Profiles - LDCs
- 15. Tariffs for Manufactured Goods
- 18. Dumping
- 19. WTO Disputes
- 20. WTO Disputes (2)
- 21. Q1 Analysis of an import tariff Price Domestic Demand Output Q2 Domestic Supply World supply pre-tariffP1
- 22. Q4Q1 Analysis of an import tariff Price Domestic Demand Output Q2 Domestic Supply World supply pre-tariffP1 Supply after tariff Q3 Imports after tariff P2
- 23. Evaluation – indirect effects of tariffs • Higher prices• Cost push inflation risks • Damages other industries • Risk of tit for tat policies • Loss of allocative efficiency • Dynamic effects? Economic Efficiency Retaliation by affected nations Impact on lower income groups Costs and Inflation
- 24. Analysis of an import quota for steel Price Import Demand for steel Output Export Supply of steel (no quota)
- 25. Analysis of an import quota for steel Price Import Demand for steel Output Q1 Export Supply of steel (no quota) P1 Import Quota Quota P2
- 26. Arguments against Protectionism Risk of Retaliation Market Distortion Higher prices for consumers Regressive effect on income inequality By-passing import controls Higher costs for exporters
- 27. Arguments against Protectionism Risk of Retaliation Market Distortion Higher prices for consumers Regressive effect on income inequality By-passing import controls Higher costs for exporters
- 28. Arguments against Protectionism Risk of Retaliation Market Distortion Higher prices for consumers Regressive effect on income inequality By-passing import controls Higher costs for exporters
- 29. Arguments against Protectionism Risk of Retaliation Market Distortion Higher prices for consumers Regressive effect on income inequality By-passing import controls Higher costs for exporters
- 30. Arguments against Protectionism Risk of Retaliation Market Distortion Higher prices for consumers Regressive effect on income inequality By-passing import controls Higher costs for exporters
- 31. Arguments against Protectionism Risk of Retaliation Market Distortion Higher prices for consumers Regressive effect on income inequality By-passing import controls Higher costs for exporters
- 32. Pascal Lamy “Imports are an essential ingredient of a country’s export competitiveness. Around 40 per cent of the value of exported goods is in fact imported inputs”
- 33. Pascal Lamy “Imports are an essential ingredient of a country’s export competitiveness. Around 40 per cent of the value of exported goods is in fact imported inputs” Trade is no longer about finished products or services. It is about adding value by contributing to a stage in the production of a finished product or by providing services.
- 34. WTO
- 35. More great study resources from tutor2u: Economics Blog AS Macro Revision Notes