Economy Jada Jean

Economy Jada Jean
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econ

Storyboard Text

  • No, Free trade is better than protectionism because it has unintended benifits.
  • Free trade has been reviled by human rights organizations that blame free trade for a critical degrading of workers' rights and its harmful effects on the environment.
  • Well, what does protectionism have that free trade doesn't bring to the table?
  •  Protectionism is the practice of nations to protect domestic industries and their workers by providing subsidies for their production and imposing tariffs on competing foreign products. I don't understand why you think free trade is more beneficial... Can you please explain?
  • Protectionism has been blamed for closing off trade from foreign countries, raising prices and giving domestic consumers less choice. A country that practices protectionism can just as easily be subjected to it by other countries imposing their own import tariffs and awarding subsidies to their industries.
  • Girl, you need some milk. How about you tell me what free trade does to benefit our country then? Seems like all you're doing is doubting protectionism without any back up for free trade. Yes everything has it's pros and cons. 
  • Free trade is based on agreements between nations to drop import barriers, allowing foreign goods and services to compete on a level playing field with domestic products. This opens markets for developing countries and in theory improves their economic conditions. Developing companies in turn are more capable of buying products from industrialized countries.
  • But, doesn't that cause job loss in one industry as well as job loss in a certain country versus another?
  • LIke you said before, there are pros and cons to everything and with free trade there are also pros and cons, but the jobs lost in one industry of a developed country can grow in another industry.
  • True but with protectionism it can protect a country from failing more than free trade is capable of doing.
  • Free trade is meant to improve the economy of all participating nations.
  • Protectionism is supposed to protect but there are always downs to anything. Thank you for your time.
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