Asked by Aaron Ehsanipour on Apr 25, 2024
Verified
Bastiat's "Petition of the Candlemakers," a classic reading in economics, presents a powerful argument in favor of protectionism.
Bastiat's "Petition
Refers to Frédéric Bastiat's satirical petition in "Economic Sophisms," illustrating the absurdity of protectionism and trade barriers.
Protectionism
Economic policies and measures taken by a government to protect its domestic industries from foreign competition by imposing tariffs, quotas, or regulations.
- Apprehend the basic doctrines of international trade and their economic repercussions for nations.
- Evaluate the effects of tariffs, quotas, and alternative trade hindrances on internal and external market environments.
Verified Answer
AR
Afsana Rahman5 days ago
Final Answer :
False
Explanation :
Bastiat's "Petition of the Candlemakers" is actually a satire mocking protectionism and the idea of government intervention in free trade. The petition is written from the perspective of French candlemakers who demand protectionist measures against the sun, which they argue is an unfair competitor that provides free light to all. Bastiat uses this absurd argument to highlight the fallacy of protectionism and its potential negative impacts on domestic economies and consumers.
Learning Objectives
- Apprehend the basic doctrines of international trade and their economic repercussions for nations.
- Evaluate the effects of tariffs, quotas, and alternative trade hindrances on internal and external market environments.
Related questions
Trade Adjustment Assistance Provides Subsidies to Companies That Have Lost ...
Whenever a Foreign Producer Is Selling a Product Like Steel ...
A Voluntary Export Restraint (VER)is Similar to an Import Quota ...
Trade Protection in Most Instances Transfers Wealth from Consumers to ...
The Terms of Trade Will Favor a Larger Nation Over ...