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Essay / Research Paper Abstract
A 3 page paper discussing a thoughtful article on the benefits and detriments of import tariffs and production subsidies as agents protecting domestic production and the jobs associated with it. Neither import tariffs nor production subsidies can achieve the benefits of fully free trade in a perfectly competitive economy; the author of the article recommends alternative policies that can avoid hidden costs while also providing incentive for industries to address the need for long-term adjustment to their approach to business. Bibliography lists 1 source.
Page Count:
3 pages (~225 words per page)
File: CC6_KSintlTrdUnemp.rtf
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Unformatted sample text from the term paper:
In "Unemployment and Trade Policy," author Steven M. Suranovic (2002) examines the effects of unemployment, import tariffs and trade liberalization on the economy that suffers - or potentially could suffer
- from the effects of unemployment resulting from a declining industry. Suranovic (2002) appears to provide a thoughtful and complete assessment of the effects of various commonly-used trade protection
tools including import tariffs and production subsidies. He concludes to state that at least one approach, trade adjustment assistance (TAA) first "implemented in the 1962 US Trade Act" (Suranovic,
2002), could be beneficial in correcting unemployment resulting from industry shifts if "designed and implemented in a cost efficient manner" (Suranovic, 2002). The Nature of Trade
There are two extremes in approach to trade, with a variety of blends of those two extremes constituting a larger middle ground. On a continuum ranging
from fully protected to fully free trade, most nations and industries occupy a point on the continuum that is not at either end of it. Suranovic (2002) is unusual
in that he recognizes the value of free trade but also recognizes the benefits of imposing some form of protectionist policy on select industries. Unlike many other economists arguing
either for or against free trade, Suranovic (2002) distinguishes between economy types and external pressures. While in a "small perfectly competitive economy the
optimal trade policy is free trade" (Suranovic, 2002), individual industries can face devastating pressure from outside forces. Import tariffs can be beneficial for these individual industries, but any "tariff
or quota on imports ... will reduce aggregate efficiency, i.e., the aggregate losses will exceed the aggregate benefits" (Suranovic, 2002). The truth of
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