Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364



Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Why might the unsafe consumer products argument be a more effective strategy (from the perspective of the importing country) than using tariffs or quotas to restrict imports?

To determine

The use of unsafe consumer products argument can prove to be an effective strategy as compared to using quotas or tariffs to restrict imports from the point of view of the importing country.


Protectionism refers to the policy of the government of a country restricting free trade for various purposes. Protectionism is practiced for protecting domestic producers and workers from foreign competition. It is generally followed by developing countries to shield small producers. Both import quotas and tariffs are forms of protectionism.

Protectionism based on unsafe consumer products: When a country restricts imports based on consumers’ safety standards, it is called the unsafe consumer products argument. WTO allows every country to establish its own consumer safety standards. However, WTO also mandates scientific grounds for such standards, i.e. these standards should be genuine. Also, it has been prohibited by WTO that countries set one set of standards for itself and other standards for other countries.

Import quota is a quantitative barrier to trade through which government restricts the quantity of import of a certain commodity to protect domestic producers from foreign competition. In this case, government puts a direct restriction on the quantity of a good that can be imported...

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