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Is economic nationalism justified?

Is economic nationalism justified?

Social Psychology (10th Edition)
Social Psychology (10th Edition)
10th Edition
ISBN:9780134641287
Author:Elliot Aronson, Timothy D. Wilson, Robin M. Akert, Samuel R. Sommers
Publisher:Elliot Aronson, Timothy D. Wilson, Robin M. Akert, Samuel R. Sommers
Chapter1: Introducing Social Psychology
Section: Chapter Questions
Problem 1RQ1
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"feared  retaliation  against  their  goods  and  services.  Canada, in fact, soon threatened retaliation. Meanwhile, other  countries  moved  in  similar  directions.  The  British  prime  minister  talked  of  “British  jobs  for  British  work-ers,”  the  French  president  urged  French  car  compa-nies  to  invest  at  home  rather  than  elsewhere  in  the  European  Union,  the  government  of  Spain  launched  a  “Buy  Spanish”  campaign.  It  may  not  be  Smoot-Hawley,  but the global implications could be the same."

 

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Is economic nationalism justified?

 

wonder whether the public has learned anything from international business history. Buy American! Buy Spanish! British jobs for British .---- ---- -------- workers! The ideology of economic nationalism - -- - --- ---- ----- seeks to implement trade policies that help to keep Soon after the U.S. stock market crash of 1929, Willis Hawley and Reed Smoot, two Republicans in the U.S. Congress, sponsored a bill to raise import tariffs to the highest level in U.S. history.2' Given the high rate of U.S. unemployment at that time, the bill was passed in order to keep jobs at home. This resulted in retaliation from raised tariffs on - - - - - -- - - -- - - - - - -- ---- -- ----- --------- --- ----- ------------ -------------- jobs and investment at home, while ignoring the ------ advantages of ment. Economic nationalism was popular during open international trade and invest- --- ---- --- .----- - - --- the Great Depression of 1929–33, when it served to protect domestic firms from international competi- ----- -- ----- -- ----- -- --- tion. However, this led to curtailing international other nations as they raised tariffs on exports from the from the ---. business activity, making the global economic slow- United States and other countries. The net result was a ---- ------------ ------ down worse. Widely recognized as a myopic policy, ruinous fall in global trade and a worldwide depression. ------- -------------- ----- In late-2008 and early-2009, when the United States faced the worst recession since the Great Depression, the call for a new round of trade barriers was being debated. ---------- -- ----- ------- ---'- ------ ---- ---- ----- --- economic nationalism nevertheless re-emerged dur- ------ ing the global financial crisis that originated in the ----------- ----- ---- ---- - United States in 2008, prompting many analysts to -------------- -------------- --------
Transcribed Image Text:wonder whether the public has learned anything from international business history. Buy American! Buy Spanish! British jobs for British .---- ---- -------- workers! The ideology of economic nationalism - -- - --- ---- ----- seeks to implement trade policies that help to keep Soon after the U.S. stock market crash of 1929, Willis Hawley and Reed Smoot, two Republicans in the U.S. Congress, sponsored a bill to raise import tariffs to the highest level in U.S. history.2' Given the high rate of U.S. unemployment at that time, the bill was passed in order to keep jobs at home. This resulted in retaliation from raised tariffs on - - - - - -- - - -- - - - - - -- ---- -- ----- --------- --- ----- ------------ -------------- jobs and investment at home, while ignoring the ------ advantages of ment. Economic nationalism was popular during open international trade and invest- --- ---- --- .----- - - --- the Great Depression of 1929–33, when it served to protect domestic firms from international competi- ----- -- ----- -- ----- -- --- tion. However, this led to curtailing international other nations as they raised tariffs on exports from the from the ---. business activity, making the global economic slow- United States and other countries. The net result was a ---- ------------ ------ down worse. Widely recognized as a myopic policy, ruinous fall in global trade and a worldwide depression. ------- -------------- ----- In late-2008 and early-2009, when the United States faced the worst recession since the Great Depression, the call for a new round of trade barriers was being debated. ---------- -- ----- ------- ---'- ------ ---- ---- ----- --- economic nationalism nevertheless re-emerged dur- ------ ing the global financial crisis that originated in the ----------- ----- ---- ---- - United States in 2008, prompting many analysts to -------------- -------------- --------
However, this time, the focus was upon inserting non- tariff barriers on items in the American Recovery and Reinvestment Act of 2009, which was meant to give the floundering U.S. economy a boost. This legislation, com- monly known as the "stimulus package," included a "Buy American" provision that restricted government spend- ing to U.S. companies. As a result, public works such as infrastructure projects were required to use commodi- ties such as iron and steel that was domestically sourced, despite that these products cost more than imports from countries such as China. Similarly, the development and delivery of computerized medical records would be restricted to domestic IT firms, even if such services could be sourced at a much lower cost from India. Some experts argued that such protectionism may violate international trade rules, and U.S. exporters
Transcribed Image Text:However, this time, the focus was upon inserting non- tariff barriers on items in the American Recovery and Reinvestment Act of 2009, which was meant to give the floundering U.S. economy a boost. This legislation, com- monly known as the "stimulus package," included a "Buy American" provision that restricted government spend- ing to U.S. companies. As a result, public works such as infrastructure projects were required to use commodi- ties such as iron and steel that was domestically sourced, despite that these products cost more than imports from countries such as China. Similarly, the development and delivery of computerized medical records would be restricted to domestic IT firms, even if such services could be sourced at a much lower cost from India. Some experts argued that such protectionism may violate international trade rules, and U.S. exporters
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