Question
Please make an argument supporting the infant industry argument new industries don't have the scale and experience to compete with foreign established firms with the
Please make an argument supporting the "infant industry argument new industries don't have the scale and experience to compete with foreign established firms" with the below dot points for:
"Despite itsdisadvantages and imperfections in practice, free global trade is still more likely to benefit both developed and developing nations than government policies restricting or controlling international trade."
The argument should be against this^^^ and against "comparative advantage gives the best economic outcome".
Structure:
- Define Fair Trade
- Talk about how comparative advantage locks an economy into a specific industry, when in reality, its assumption that advantages don't change is false. Infant Industry argument
- Connect it to China, Japan, how grew by not having free trade used protectionism to help develop their industries. (Include statistics from "Industrial Policy in Asia" or other sources)
- Discussion of protectionism being necessary to protect industries
The case for fair trade: https://drive.google.com/file/d/1mYWu_L8qRChLaw2xPsSTWSGUZUlIlgHI/view?usp=sharing
Industrial policy in Asia: https://drive.google.com/file/d/1orn08e_wohg16leSpCvvP7rdxVx7Yw-c/view?usp=sharing
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