Protectionism
Are Protectionism Policies Beneficial to Business
Protectionist policies are policies that are aimed at supporting a domestic industry against international competitors. These policies can take a range of different forms in their implementation. For example, the U.S. agricultural industry is heavily subsidized and this allows domestic farmers to sell their crops at a price level that is far below what the market price would be otherwise. This represents more of an indirect subsidy because the market intervention is a direct intervention such as a tax on foreign goods. Another way governments can apply protectionist policies is through government spending.
Another example could be provided by the U.S. steel industry, which can be protected by the government only procuring steel for U.S. public works projects from domestic steel companies. When the government places such buying restrictions on their demand for steel then they artificially influence market demand through their purchasing activities. The government can justify this intervention based on the grounds that the U.S. steel industry is a "strategic" industry that is vital to the national interest. For example, if the U.S. was engaged in a major war then it would benefit from a well-developed steel industry.
Such interventions can also be justified on other grounds as well. Another example would be for safety or environmental interests. An example of this could be medical or edible goods...
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