Answer to Question #54778 in Macroeconomics for Srying

Question

Home Country (Malaysia)
(1) define the home country Malaysia
(2) define the protectionism (Malaysia)
(i) actual situation
(ii) actual situation
(iii) defence industries

Answer 1

(1) Malaysia is a federal constitutional monarchy located in Southeast Asia.
(2) Protectionism is the economic policy of decreasing or even restraining trade between countries through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow fair competition between imports and goods and services produced domestically. Such policy allows to support national production and exports to increase the power of the country on the world market and its economy development.
Asean countries must allow more foreign investments with their peers for Asean Economic Community (AEC) to become a reality, with protectionism being one of the biggest stumbling blocks. Most of Asean countries are seen to be afraid to open up their market fast as they want to protect their local interest.