Hi, need to submit a 2500 words paper on the topic An Era of Economic Globalisation.
In general, it is possible to define protectionism as strategies used by a national economy to protect its own goods, industries and businesses from unfair competition or, in some instances, from competition per se. Often criticized by economist and free-trade proponents such as Adam Smith among others, protectionism is not only a logically valid strategy for the protection of domestic economies from such unfair economic competition as could have adverse effects upon infant industries and domestic producers and manufacturers, but it often imposes itself upon decision-makers as the only viable mechanism for the fulfilment of the aforementioned. Indeed, as important as it may be for Lesser Developing and Developing nations, protectionism is as important for Industrialised economies. As Schwartz (2000) succinctly explains, protectionism traditionally functions to protect national economies from all of the virtual destruction of domestic industries, unemployment and inflation (Schwartz, 2000). It does so through the utilisation of a wide array of strategies, ranging from implementation of prohibitions against the entry of certain imports into the domestic economy to the imposition of heavy customs, tariffs and taxes upon specified imports in order to ensure that, upon entry into the domestic market, domestic goods retain a price-competitive edge (Schwartz, 2000).
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