Summary: Some say that in 2016 we were presented with a choice between economic
ID: 1154398 • Letter: S
Question
Summary: Some say that in 2016 we were presented with a choice between economic nationalism and protectionism on one hand and the promise of the government taking an even larger role in our economy on the other. Our textbook argues that the true foundations to economic growth come from good institutions. For this week's written assignment you are to write a three to four page paper examining the two 2016 choices. Are either of them good economic policies? Why or why not? Then please explain what the textbook presents as necessary economic foundations. Do either of the two 2016 choices reflect the textbook's recommendations? If so how? Or explain where they fall short.Summary: Some say that in 2016 we were presented with a choice between economic nationalism and protectionism on one hand and the promise of the government taking an even larger role in our economy on the other. Our textbook argues that the true foundations to economic growth come from good institutions. For this week's written assignment you are to write a three to four page paper examining the two 2016 choices. Are either of them good economic policies? Why or why not? Then please explain what the textbook presents as necessary economic foundations. Do either of the two 2016 choices reflect the textbook's recommendations? If so how? Or explain where they fall short.
Some say that in 2016 we were presented with a choice between economic nationalism and protectionism on one hand and the promise of the government taking an even larger role in our economy on the other. Our textbook argues that the true foundations to economic growth come from good institutions. For this week's written assignment you are to write a three to four page paper examining the two 2016 choices. Are either of them good economic policies? Why or why not? Then please explain what the textbook presents as necessary economic foundations. Do either of the two 2016 choices reflect the textbook's recommendations? If so how? Or explain where they fall short.
Explanation / Answer
Economic nationalism, or economic patriotism, refers to an ideology that favors state interventionism in the economy, with policies that emphasize domestic control of the economy, labor, and capital formation, even if this requires the imposition of tariffsand other restrictions on the movement of labor, goods and capital. In many cases, economic nationalists oppose globalization or at least question the benefits of unrestricted free trade. Economic nationalism is the doctrine of mercantilism, and as such favors protectionism. These types of economies are considered "repressed" or "mixed" and are diametrically opposed to a free market in terms of economic theory. Protectionism is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents claim that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors. However, they also reduce trade and adversely affect consumers in general (by raising the cost of imported goods), and harm the producers and workers in export sectors, both in the country implementing protectionist policies, and in the countries protected against. In fact both are effective policies , both wants to develop their economies in protecting way .So diffence is in implementation not in policies.
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