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by: Emily Hughes


Emily Hughes

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This 3 page Class Notes was uploaded by Emily Hughes on Monday August 1, 2016. The Class Notes belongs to at Old Dominion University taught by in Winter 2016. Since its upload, it has received 12 views.


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Date Created: 08/01/16
Emily Hughes Professor Mulder Econ 1160 Case study 4 There are many arguments going on that have to do with the protection of the United States from other countries that want to trade. The names of the arguments are: Military self-sufficient argument, Diversification- for- stability argument, infant industry market, protection again dumping argument, Increased Domestic employment argument, and the cheap foreign labor argument. All of these arguments are debating on a daily basis. The Military self-sufficient argument states that protective tariffs are needed to preserve or strengthen industries that produce the materials essential for national defense. The Diversification-for- stability argument states that tariff and quota protection are allegedly needed in such nations to enable greater industrial diversification. The Infant Industry Argument contends that protective tariffs are needed to allow new domestic industries to establish themselves. And the Protection-against- dumping argument contends that tariffs are needed to protect domestic firms from “dumping” by foreign producers. Dumping is the sale of a product in a foreign country at prices either below cost or below the prices commonly charged at home. Whereas the Increased Domestic Employment argument is where the reducing of imports will divert spending on another nations output to spending on domestic output. And finally the Cheap Foreign Labor argument says that domestic firms and workers must be shielded from the competition of countries where wages are low. I do believe that these arguments are valid. People have their own opinions, and they will always find something to disagree on. Although some are most necessary for the time and most definitely the place and the type of economy that is happening. Works Cited McConnell, Campbell R., Stanley L. Brue, and Sean Masaki. Flynn. Macroeconomics:  Principles, Problems, and Policies. New York: McGraw­Hill/Irwin, 2012. Print.


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