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Trade Protectionism: Pros and Cons

Trade Protectionism: Pros and Cons
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Author(s): Birgül Cambazoğlu (Aydın Adnan Menderes University, Turkey)
Copyright: 2020
Pages: 22
Source title: International Trade Policies in the Era of Globalization
Source Author(s)/Editor(s): Ahu Coşkun Özer (Marmara University, Turkey)
DOI: 10.4018/978-1-5225-9566-3.ch005

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Abstract

The increased commercial protection of countries as a result of the Great Depression caused the effects of the global crisis to deepen and last longer. Many countries took short-term steps to minimize the negative social impacts of the crisis by implementing protectionism. However, the crisis was gradually deepened and exerted long-term impacts on macroeconomic variables. The international platform made several attempts to reduce protectionism. However, following the global economic crisis in 2007-2009, the barriers to international trade have increased in many countries, especially in the USA. In many countries, inward-looking protectionist economic policies have been increasingly preferred. Thus, the global impact of countries' adoption of protectionism in their international trade policies has begun to be discussed in terms of the pros and cons for partners. This study analyzes the pros and cons of international trade protectionism on the basis of the impact of trade on macroeconomic variables. The results show that not only protectionism but also free trade produces both winners and losers.

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