IS PROTECTIONISM GOOD OR BAD?
Protectionism is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations with the purpose of protecting the domestic industries. In the context of globalization, the question of whether protectionism is good or bad for both a national economy and the whole global economy is still controversial. This essay is to elaborate on both pros and cons of protectionism.
To begin with, there are still some countries adopt a trade protectionist policy because of its certain benefits. First of all, If a country is trying to grow strong in a new industry, tariffs will protect it from foreign competitors. That gives the infant industry’s companies time to develop their own competitive advantages. For example, in order to encourage aquaculture businesses to develop, the Vietnamese government implemented supportive measures such as export duty exemption or cutting down business income tax but the government imposes import duties on these goods from other countries. That is considered a protectionist policy. Secondly, protectionism also temporarily creates jobs for domestic workers.8The protection of tariffs, quotas, or subsidies allows domestic companies to hire locally. For instance, Donald Trump, the United States President, signed the decree "Buy American - Hire Americans" and enforced of anti-dumping tax, anti-subsidy. Especially, the US has recently slapped import duties of more than 400% on Vietnam steel. All policies Trump imposes are to protect domestic manufacturing and reduce the unemployment rate.
However, despite the intent of certain economists and policymakers, trade protectionism has certain long and short-term effects on a nation’s macroeconomy and often the global economy. Firstly, Consumers’ limited choice and pay more for goods and services. A key effect of trade protectionism is that consumers will have a limited choice of products and goods since there may be quotas on how much may be imported. Due to these quotas, consumers will have a very limited choice as to the quantity, quality, and type of product that would otherwise be available to them without trade protectionism.
Secondly, In the long term, trade protectionism weakens the industry. Without competition, companies within the industry have no need to innovate. Eventually, the domestic product will decline in quality and be more expensive than what foreign competitors produce.
In terms of the global economy, protectionism is damaging to everyone. Particularly, Trump’s “America First” economic policy could hurt the U.S. economy in the long run. Tariff imposition on imports from China, Canada, EU, Mexico, and India have triggered retaliatory tariffs. A trade war with these large economies leads to serious consequences for U.S. exporters and the labor force. But the immediate losers will be the global consumers. They will be forced to pay inflated prices. High costs could create inflation around the world.
In conclusion, trade protection should be considered very carefully due to the dangerous repercussions it could have on a domestic economy and globally.
repercussions
| Post date | Users | Rates | Link to Content |
|---|---|---|---|
| 2022-11-25 | NSMDeadshot0411 | 78 | view |
| 2022-10-12 | comTDK | 73 | view |
| 2022-02-22 | alifarokh1 | 73 | view |
| 2021-11-01 | anna103 | 61 | view |
| 2021-11-01 | anna103 | 61 | view |
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Grammar and spelling errors:
Line 1, column 283, Rule ID: WHETHER[3]
Message: Wordiness: Shorten this phrase to the shortest possible suggestion.
Suggestion: whether; the question whether
...tries. In the context of globalization, the question of whether protectionism is good or bad for both a...
^^^^^^^^^^^^^^^^^^^^^^^
Line 10, column 1, Rule ID: UPPERCASE_SENTENCE_START
Message: This sentence does not start with an uppercase letter
Suggestion: Repercussions
...ve on a domestic economy and globally. repercussions
^^^^^^^^^^^^^
Transition Words or Phrases used:
also, but, first, firstly, however, if, may, second, secondly, so, still, as to, for example, for instance, in conclusion, such as, first of all, to begin with
Attributes: Values AverageValues Percentages(Values/AverageValues)% => Comments
Performance on Part of Speech:
To be verbs : 17.0 13.1623246493 129% => OK
Auxiliary verbs: 14.0 7.85571142285 178% => OK
Conjunction : 21.0 10.4138276553 202% => Less conjunction wanted
Relative clauses : 4.0 7.30460921844 55% => More relative clauses wanted.
Pronoun: 15.0 24.0651302605 62% => OK
Preposition: 63.0 41.998997996 150% => OK
Nominalization: 13.0 8.3376753507 156% => OK
Performance on vocabulary words:
No of characters: 2759.0 1615.20841683 171% => OK
No of words: 486.0 315.596192385 154% => Less content wanted.
Chars per words: 5.67695473251 5.12529762239 111% => OK
Fourth root words length: 4.69525374022 4.20363070211 112% => OK
Word Length SD: 3.17272581368 2.80592935109 113% => OK
Unique words: 269.0 176.041082164 153% => OK
Unique words percentage: 0.553497942387 0.561755894193 99% => OK
syllable_count: 864.9 506.74238477 171% => OK
avg_syllables_per_word: 1.8 1.60771543086 112% => OK
A sentence (or a clause, phrase) starts by:
Pronoun: 4.0 5.43587174349 74% => OK
Article: 7.0 2.52805611222 277% => Less articles wanted as sentence beginning.
Subordination: 1.0 2.10420841683 48% => OK
Conjunction: 6.0 0.809619238477 741% => Less conjunction wanted as sentence beginning.
Preposition: 8.0 4.76152304609 168% => OK
Performance on sentences:
How many sentences: 27.0 16.0721442886 168% => OK
Sentence length: 18.0 20.2975951904 89% => OK
Sentence length SD: 58.3415749616 49.4020404114 118% => OK
Chars per sentence: 102.185185185 106.682146367 96% => OK
Words per sentence: 18.0 20.7667163134 87% => OK
Discourse Markers: 5.88888888889 7.06120827912 83% => OK
Paragraphs: 6.0 4.38176352705 137% => Less paragraphs wanted.
Language errors: 2.0 5.01903807615 40% => OK
Sentences with positive sentiment : 9.0 8.67935871743 104% => OK
Sentences with negative sentiment : 13.0 3.9879759519 326% => Less negative sentences wanted.
Sentences with neutral sentiment: 5.0 3.4128256513 147% => OK
What are sentences with positive/Negative/neutral sentiment?
Coherence and Cohesion:
Essay topic to essay body coherence: 0.167858419349 0.244688304435 69% => OK
Sentence topic coherence: 0.039853848228 0.084324248473 47% => OK
Sentence topic coherence SD: 0.0703837706056 0.0667982634062 105% => OK
Paragraph topic coherence: 0.0829815629426 0.151304729494 55% => OK
Paragraph topic coherence SD: 0.0712736566764 0.056905535591 125% => OK
Essay readability:
automated_readability_index: 14.3 13.0946893788 109% => OK
flesch_reading_ease: 36.28 50.2224549098 72% => OK
smog_index: 11.2 7.44779559118 150% => OK
flesch_kincaid_grade: 12.7 11.3001002004 112% => OK
coleman_liau_index: 15.37 12.4159519038 124% => OK
dale_chall_readability_score: 9.37 8.58950901804 109% => OK
difficult_words: 149.0 78.4519038076 190% => OK
linsear_write_formula: 12.0 9.78957915832 123% => OK
gunning_fog: 9.2 10.1190380762 91% => OK
text_standard: 12.0 10.7795591182 111% => OK
What are above readability scores?
---------------------
Maximum five paragraphs wanted.
Rates: 73.0337078652 out of 100
Scores by essay e-grader: 6.5 Out of 9
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Note: the e-grader does NOT examine the meaning of words and ideas. VIP users will receive further evaluations by advanced module of e-grader and human graders.