Free Trade vs Protectionism Essay -- Economics Business

Free Trade vs Protectionism One of the greatest international economic debates of all time has been the issue of free trade versus protectionism. Proponents of free trade believe in opening the global market, with as few restrictions on trade as possible. Proponents of protectionism believe in concentrating on the welfare of the domestic economy by limiting the open-market policy of the United States. However, what effects does this policy have for the international market and the other respective countries in this market? The question is not as complex as it may seem. Both sides have strong opinions representing their respective viewpoints, and even the population of the United States is divided when it comes to taking a stand in the issue. After examining all factors on the two conflicting sides, it is clear that protectionism, from the side of the United States, is the only way the American industrial economy can expand for the benefit of its citizens and for its national welfare. The economy needs to get itself out of the huge deficit hole that it has created for itself,and lean towards protectionist measures. The dictionary definition of free trade states it as a policy of allowing people of one country to buy and sell from other countries without restrictions. This idea originated with the influential British economist, philosopher, and author of The Wealth of Nations, Adam Smith. He inspired the writings of great economists such as David Ricardo, Karl Marx, Thomas Malthus, and others. According to Smith, specialization and trade is the best solution to create a flourishing American economy, with its industries ruling the economic world. William H. Peterson, holder of the Lundy Chair of ... ... age of political correctness. It is true that the global market has already expanded, but it is never too late for the United States to begin shutting its doors to the free market. Bibliography: 1. Altschiller, D. (Ed.)(1998). Free Trade Versus Protectionism. New York: The H.W. Wilson Company. 2. Bender, D.L. & Leone, B. (1991). Trade-Opposing Viewpoints. San Diego: Greenhaven Press Inc. 3. Lenway, Stephanie Ann. (1985). The Politics of U.S. International Trade. Boston: Pitman Publishing Inc. 4. Lieberman, Sima. (1988). The Economic and Political Roots of the New Protectionism. New Jersey: Rowman & Littlefield, Publishers. 5. Spero, Joan Edelman. (Ed. 4) (1990). The Politics of International Economic Relations. New York: St. Martin’s Press, Inc. 6. Woronoff, Jon. (1983). World Trade War. New York: Praeger Publishers