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a government should intervene in trade when it is not achieving the macro objectives - oma er

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It increases hella choice, imports from abroad offering more goods to the market - omar

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When it is not working efficiently Finlay

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Countries with very few natural resources can rely on trade to obtain raw materials or goods that they would not otherwise be able to produce themselves. (eg. singapore)

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The government should intervene in order to protect domestic firms and their goods and services. By encouraging domestic production, they can improve their account of balance and achieve economic growth.

However, at times, intervention might not be the most suitable option, as protectionism is not always the key to success. Sometimes imported goods and services are vital to the economy of the country and a balance must be struck of this golden medium.

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It does because the countries don't have to entirely rely on their domestic supply. On the other hand, this works better for rich countries as they can get resources from around the world. Where as poorer economies don't get as much return for their goods and services and therefore still struggle - Timur

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The amount of choice increases greatly as instead of only having the products available from their own country, you have the choice from every product in the entire world. Lars

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The main effect of protectionism is a decline in trade, higher prices for some goods, and a form of subsidy for protected industries. Some jobs in these industries may be saved, but jobs in other industries are likely to be lost
- omar

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Goods from abroad may be of better quality than domestically produced ones. Trade protectionism reduces the potential for better goods and therefore can limit well-being. - Timur

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International trade gives choice to many stakeholders, consumers will benefit with lower prices and a greater variety of goods and services, firms have more incentive to join a larger market and distribute/enhance production.

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Exchange rate, inflation, that sort of stuff - Timur

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Trade protectionism can help to protect local firms and infant industries. These can help the economy as they hire labour, reducing unemployment in the country.

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Countries don't have to rely on their own resources which usually are abundant in very few categories (Oil in arabic countries for example) but lack other very essential items such as wood. Lars

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Although the usage of trade protectionism policies as well as rules and regulations with the aim to secure an economy is a great way to protect the economic agents within the society, it can harm the fairness within the 'global' perspective