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nFree trade is a policy by which a government does not discriminate against import or export and it does not imply that a country abandons all tariffs and duties of imports and exports The conceptual case for free trade is based on an argument that the division of labor among countries leads to concentration greater effectiveness and higher outputnFree trading partners are less likely to go to war with each othernA nations capital and labor resources can be used in a open marketnFree trade promotes economic growthnProtectionism is the policy of protecting domestic industries against foreign competition by means of tariffs subsides import quotas or other restrictions or handicaps placed on the imports of foreign competitors to spite the fact that the world economy benefits more from free trade many countries still implement protectionism policiesnProvides large benefits to a small number of peoplenCauses consumers a loss in that they pay higher pricesThe Monetary and Non-Monetary Costs Of ProtectionismnTextiles protectionism in the textile industry has cost poor families almost 9 of their disposable incomenIt destroys more jobs than it savesnQuality may decline if higher quality products become less available or totally unavailable as a result of protectionismnIt causes loss of individual rightsnProtectionism cost between 50000-134686 a year for each textile job savedThe Monetary and Non-Monetary Costs Of ProtectionismnExport restrictions on automobiles cost consumers about 14 billionnQuota rents can raise prices because auto quotas have been estimated to be n22 billion and 79 billion a yearnImport quotas added 2400 to the price of a Japanese carnThe annual cost of quotas was 241235 per auto job savednThe dairy industry estimated a loss caused by protectionism of 14 billionnQuota rents cost 250 million a yearnUnder Chilean tax laws local and foreign companies are treated equally nChile imposes a 10 tariff rate which is low compared to the rates of most countries nThe Chilean trade industry will start cutting tariffs by one percentage point per yearn Bringing it down to
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