Explain five arguments againist protectionism in international trade

Answer:

-Domestic producers may produce low quality goods due to lack of competition
-Producers may increase the price of their goods due to lack of competition
-It enables small/inefficient firms to survive which may lead to misallocation of resources
-it limits consumers choice of products
-Limited job creation as it discourages foreign investment
-It can lead to poor relationships between trading countries

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