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Protecting Domestic Industries from Foreign Competition

Question

Discuss whether or not a government should protect its country’s industries from foreign competition.

Category:

International Trade and Exchange Rates

Preview Answer

STEPS TO WRITE ESSAY 💡MAIN POINTS💡OVERVIEW

I. Introduction
A. Definition of protecting industries from foreign competition
B. Importance of the topic
C. Thesis statement

II. Reasons for protecting industries from foreign competition
A. Infant industries
B. Declining industries
C. Dumping
D. Reducing current account deficit
E. Encouraging economic growth and creating jobs

III. Reasons against protecting industries from foreign competition
A. Increased prices of imported products
B. Increased costs of production and inflation
C. Reduced competition for domestic firms
D. Possibility of retaliation from other countries
E. Opportunity cost

IV. Analysis of the impact of protecting industries from foreign competition
A. Positive impact
B. Negative impact
C. Comparison of the two impacts

V. Conclusion
A. Restate thesis statement
B. Summary of main points
C. Final thoughts and recommendations.

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