Question: protectionismnecessary
Answer whether you agree with the statement:
Protectionism is sometimes necessary in trade.
Options:
[M]. Strongly disagree
[N]. Disagree
[P]. Agree
[Q]. Strongly agree
Start with the letter and then explain why you made this choice.
Answer: 0.0%0.0%99.64%0.35%
P
Protectionism, or the practice of shielding a nation's domestic industries from foreign competition by means of tariffs, subsidies, and other barriers, can be a necessary measure in certain situations. This is especially true when a country's national security, critical infrastructure, or strategic industries are at risk.
For instance, in the short term, protectionist policies can help protect domestic jobs, stimulate economic recovery, and foster the development of domestic industries. By providing a buffer against foreign competition, domestic industries are given the opportunity to grow and mature, which can lead to long-term economic benefits.
However, it is important to note that while protectionism has its merits, it is not a one-size-fits-all solution. Over-reliance on protectionism can lead to economic inefficiencies, hinder innovation, and result in suboptimal resource allocation. Moreover, it can lead to trade disputes and str