Economic Systems, Business Vocabulary, and Grammar
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Pros and Cons of Protectionism
- Pros: Creates a sense of patriotism; provides a foundation for the working class; naturally lowers unemployment rates.
- Cons: Limits local access to foreign goods; does not always enhance how people live; people will lose jobs.
Advantages and Disadvantages of Free Trade
- Advantages: Increased economic growth; more dynamic business climate; foreign direct investment; technology transfer; lower taxes and barriers.
- Disadvantages: Increased job outsourcing; poor working conditions; destruction of native cultures; degradation of natural resources; reduced tax revenue.
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