Protectionism is at backdoor? despite globalization advanced nations going that

  1. pramodgokhale profile image38
    pramodgokhaleposted 13 years ago

    Protectionism is at backdoor? despite globalization advanced nations going that way?

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  2. CHRIS57 profile image60
    CHRIS57posted 13 years ago

    The need for global trade is (from ancient times) that goods and resources are distributed unevenly on this planet. That is why people trade goods. Advanced nations have a tendency to neglet that fact. Advanced economies are mostly very much service oriented economies. But service is nothing you can trade. So all those nations with too much service in their GDP have to import more goods and resources than than export. Those economies run trade deficits. If that gets chronical over a longer period of time, it hurts the economy and people in charge may start to think about protectionism.
    Today world economy is divided into those economies who produce (more than consume) and those who consume (more than produce). I think you don´t find any economy from the producers, who favour protectionism. But a lot of countries on the consumer side certainly think about limiting market access, imposing import taxes ... As their advanced economies are service dominated and having little  producing capability, the interesting part is that protectionism doesn´t help, because not importing or making imports expensive only hurts economy.

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    1. pramodgokhale profile image38
      pramodgokhaleposted 13 years agoin reply to this

      CHRIS57
      your comment is the best i agree. You explained the difference between developed economies and developing economies and problems of interdependence.

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