We're always encouraged to "buy domestic.". It is politically popular to support policies that limit import competition and reduce the number of jobs that are outsourced to other countries. According to liberal economic trade theory, however, these policies and the accompanying encouragement to buy domestic-made goods are actually harming our overall welfare in the long-run. Explain why liberal
theory knows this to be true. Do you agree with the conclusions of liberal theory? If not, why?
What will be an ideal response?
Protectionism are barriers to foreign trade, such as tariffs and quotas, that protect local
industries from foreign competition. Nontariff barriers (NTBs)are measures other than
tariffs that discriminate against imports without direct tax levies and are beyond the
scope of international regulation.
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