POLS 2080 Lecture Notes - Lecture 11: Fairtrade Canada, Protectionism, Swot Analysis
12 Apr 2017
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Before free trade: there was protectionism and mercantilism. Government reduced imports and maximized exports to maximize profits. Only bringing in skilled workers and raw materials. Other countries cannot sell finished goods within your imports: dominated between 16th and 18th centuries. 1776 adam smith wealth of nations : arguments for liberal approaches, it is best for everyone if boarders are open. Allows people to focus on what they"re best at: revolutionary way of considering how the world should work. We don"t have mercantilism anymore, but there are an abundance of barriers still. We have not achieved what adam smith wanted. Free trade: allowing consumers to buy just as freely as they would at home, things become cheaper without tarrifs. Protectionism: generally, through taxation, usually paid by the government upon import. Usa with eachother: they have a high variance of goods. The issue is that not everybody wins still. Unbalanced terms of trade: people are still exploited.
