Globalization vs. Protectionism: Open Markets or National Interests?
Exploring the advantages and disadvantages of a globalized economy versus policies that protect domestic industries.
Community Consensus: 37% (1 votes)
Current Community Solution
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Current Arguments
Globalization Advocate
Protectionism Proponent
- Globalization allows countries to specialize in what they do best, leading to greater efficiency and innovation. It gives consumers access to a wider variety of goods at lower prices.
- The World Bank estimates that globalization has helped reduce the proportion of the global population living in extreme poverty from 36% in 1990 to 8.6% in 2018.
- Countries that are economically interdependent are less likely to go to war. Globalization fosters cultural exchange and mutual understanding, creating a more connected and stable world.
- In the age of the internet and instant communication, trying to wall off national economies is a futile effort that only leads to being left behind. The future is global.
- Free trade agreements often lead to jobs being shipped to countries with cheaper labour, devastating manufacturing communities and creating unemployment at home. Tariffs and quotas are necessary to protect key industries.
- Relying on other countries for essential goods like medicine, semiconductors, and energy is a national security risk. A nation must maintain the capacity to produce what it needs to survive in a crisis.
- Globalization can undermine national sovereignty by subjecting countries to the rulings of international bodies. It can also force a "race to the bottom" in environmental and labor standards as companies seek the cheapest, least-regulated markets.
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