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3 Indian J. Integrated Rsch. L. 1 (2023)
The Impact of Protectionist Policies on Global Trade

handle is hein.journals/injloitd4 and id is 2782 raw text is: Indian Journal of Integrated Research in Law THE IMPACT OF PROTECTIONIST POLICIES ON GLOBAL TRADE Sanskar, University of Petroleum and Energy Studies ABSTRACT Protectionist policies are measures adopted by governments to restrict imports and promote domestic production. The impact of protectionist policies on global trade is a complex issue, as it involves the interplay of several economic factors, such as trade volumes, prices, and the allocation of resources. While protectionist policies may provide some benefits to certain domestic industries, they can have significant negative effects on global trade. One of the most significant impacts of protectionist policies is the reduction in global trade volumes. Tariffs, quotas, and other protectionist measures increase the cost of imported goods, making them less attractive to consumers and businesses. This reduction in demand can lead to a decline in exports, which can have a ripple effect on other countries that rely on those exports. Additionally, protectionist policies can lead to retaliation by other countries, which can further reduce trade volumes and exacerbate the negative effects. Another impact of protectionist policies on global trade is the distortion of prices and resource allocation. When protectionist policies are implemented, domestic producers are shielded from competition and are thus able to charge higher prices for their goods. This can lead to an inefficient allocation of resources, as resources are diverted from more productive uses to less productive industries that are protected from competition. This can lead to a reduction in the overall efficiency of the global economy, as resources are not being used to their fullest potential. In conclusion, protectionist policies can have significant negative effects on global trade. While they may provide some benefits to certain domestic industries, the reduction in trade volumes and the distortion of prices and resource allocation can have far-reaching negative consequences. As long as protectionist policies have been implemented, the neoliberal paradigm has temporarily shifted. Moreover, developing countries have difficulties as protectionist measures bring several standards into practice. It is therefore Page: 1 Volume III Issue III I ISSN: 2583-0538

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