Answer to Question #71655 in Microeconomics for Richard Brown

Question

What are the 4 arguments for Protective Trade?

Answer 1

Economic arguments in favor of protection policy are: 1. “Infant Industry” Argument 2. “Diversification of Industry” Argument 3. “Promotion of Employment” Argument 4. “Balance of Payments” and “Terms of Trade” Argument 5. “Pauper Labour” Argument 6. “Anti-Dumping” Argument.
Reference:
https://www.yourarticlelibrary.com/trade-2/6-main-economic-arguments-in-favor-of-protection-policy-trade-policies/26242