The Adjustment Problem and Protectionism
The Adjustment Problem and Protectionism
Chapter 3's mainly discusses the opposition to trade liberalization and the goals of the WTO coming from the adjustment problem. Economic adjustment is an ongoing and continuous process in all markets, in all countries, and it comes in many different forms. Any significant change in the underlying conditions of supply and demand will initiate market-driven adjustments. Opposing globalization and the adjustment that goes with it through a strategy of opposing the WTO is, in the end, a rearguard action against structural economic change and a political bid to shift the burden of that change to others and to the economy as a whole. Do away with the WTO, and many governments will succumb to the protectionist influences that the WTO was intended to keep at bay, the chapter states.
Keywords: supply and demand, trade liberalization, economic adjustment, globalization, WTO, protectionist influences
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