CHEM 241 Lab Final Flashcard

CHEM 241 Lab Final

Understanding the Pros and Cons of Protectionism

Understanding the Pros and Cons of Protectionism Protectionism is a type of trade policy by which governments attempt to prevent or limit competition from other countries. While it may provide some short-term benefit, particularly in poor or developing nations, unlimited protectionism eventually harms the country’s ability to compete in international trade. This article examines the tools of protectionism, how they are applied in the real world, and the advantages and disadvantages of limiting free trade. Key Takeaways: Protectionism Protectionism is a government-imposed trade policy by which countries attempt to protect their industries and workers from foreign competition. Protectionism is commonly implemented by the imposition of tariffs, quotas on import and exports, product standard, and government subsidies. While it may be of temporary benefit in developing countries, total protectionism typically harms the country’s economy, industries, workers, and consumers. Protectionism Definition Protectionism is a defensive, often politically-motivated, policy intended to shield a country’s businesses, industries, and workers from foreign competition through the imposition of trade barriers such as tariffs and quotas on imported goods and services, along with other government regulations. Protectionism is considered to be the opposite of free trade, which is the total absence of government restrictions on trade.   Historically, strict protectionism has been used mainly by newly developing countries as they build the industries necessary to compete internationally. While this so-called â€Å"infant industry† argument may promise brief, limited protection to the businesses and workers involved, it ultimately harms consumers by increasing the costs of imported essential goods, and workers by reducing trade overall.  Ã‚   Protectionism Methods Traditionally, governments employ four main methods of implementing protectionist policies: import tariffs, import quotas, product standards, and subsidies. Tariffs The most commonly applied protectionist practices, tariffs, also called â€Å"duties,† are taxes charged on specific imported goods. Since tariffs are paid by the importers, the price of imported goods in local markets is increased. The idea of tariffs is to make the imported product less attractive to consumers than the same locally produced product, thus protecting the local business and its workers. One of the most famous tariffs is the Smoot-Hawley Tariff of 1930. Initially intended to protect American farmers from the post-World War II influx of European agricultural imports, the bill eventually approved by Congress added high tariffs on many other imports. When European countries retaliated, the resulting trade war restricted global trade, harming the economies of all countries involved. In the United States, the Smoot-Hawley Tariff was considered an overly-protectionist measure that worsened the severity of the Great Depression. Import Quotas Trade quotas are â€Å"non-tariff† trade barriers that limit the number of a specific product that can be imported over a set period of time. Limiting the supply of a certain imported product, while increasing prices paid by consumers, allows local producers a chance to improve their position in the market by filling the unmet demand. Historically, industries like autos, steel, and consumer electronics have used trade quotas to protect domestic producers from foreign competition. For example, since the early 1980s, the United States has imposed a quota on imported raw sugar and sugar-containing products. Since then, the world price of sugar has averaged from 5 to 13 cents per pound, while the price within the U.S. has ranged from 20 to 24 cents. In contrast to import quotas, â€Å"production quotas† occur when governments limit the supply of a certain product in order to maintain a certain price point for that product. For example, the nations of the Organization of Petroleum Exporting Countries (OPEC) imposes a production quota on crude oil in order to maintain a favorable price for oil in the world market. When the OPEC nations reduce production, U.S. consumers see higher gasoline prices. The most drastic and potentially inflammatory form of import quota, the â€Å"embargo† is a total prohibition against importing a certain product into a country. Historically, embargoes have had drastic impacts on consumers. For example, when OPEC proclaimed an oil embargo against nations it perceived as supporting Israel, the resulting 1973 oil crisis saw the average price of gasoline in the U.S. jump from 38.5 cents per gallon in May 1973 to 55.1 cents in June 1974. Some lawmakers called for nationwide gas rationing and President Richard Nixon asked gasoline stations not to sell gas on Saturday nights or Sundays.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Product Standards Product standards limit imports by imposing minimum safety and quality requirements for certain products. Product standards are typically based on concerns over product safety, material quality, environmental dangers, or improper labeling. For example, French cheese products made with raw, non-pasteurized milk, cannot be imported into the United States until they have been aged at least 60 days. While based on a concern for public health, the delay prevents some specialty French cheeses from being imported, thus providing local producers a better market for their own pasteurized versions. Some product standards apply to both imported and domestically-produced products. For example, the U.S. Food and Drug Administration (FDA) limits the content of mercury in imported and domestically harvested fish sold for human consumption to one part per million. Government Subsidies Subsidies are direct payments or low-interest loans given by governments to local producers to help them compete in the global market. In general, subsidies lower production costs enabling producers to make a profit at lower price levels. For example, U.S. agricultural subsidies help American farmers supplement their income, while helping the government manage the supply of agricultural commodities, and control the cost of American farm products internationally. Additionally, carefully applied subsidies can protect local jobs and help local companies adjust to global market demands and pricing. Protectionism vs. Free Trade Free trade- the opposite of protectionism- is a policy of completely unrestricted trade between countries. Devoid of protectionist restrictions like tariffs or quotas, free trade allows goods to move freely across borders. While both total protectionism and free trade have been tried in the past, the results were usually harmful. As a result, multilateral â€Å"free trade agreements,† or FTAs, such as the North American Free Trade Agreement (NAFTA) and the 160-nation World Trade Organization (WTO) have become common. In FTAs, the participating nations mutually agree on limited protectionist practices tariffs and quotas. Today, economists agree that FTAs has averted many potentially disastrous trade wars. Protectionism Pros and Cons In poor or emerging countries, strict protectionist policies like high tariffs and embargoes on imports can help their new industries grow by protecting them from foreign competition. Protectionist policies also help create new jobs for local workers. Protected by tariffs and quotas, and bolstered by government subsidies, domestic industries are able to hire locally.  However, the effect is typically temporary, actually reducing employment as other countries retaliate by imposing their own protectionist trade barriers. On the negative side, the reality that protectionism hurts the economies of countries that employ it dates back to Adam Smith’s The Wealth of Nations, published in 1776. Eventually, protectionism weakens domestic industries. With no foreign competition, industries see no need for innovation. Their products soon decline in quality, while becoming more expensive than higher quality foreign alternatives. In order to succeed, strict protectionism demands the unrealistic expectation that the protectionist country will be able to produce everything its people need or want. In this sense, protectionism is in direct opposition to the reality that a country’s economy will prosper only when its workers are free to specialize at what they do best rather than trying to make the country self-sufficient. Sources and Further Reading Irwin, Douglas (2017), Peddling Protectionism: Smoot-Hawley and the Great Depression, Princeton University Press.Irwin, Douglas A., Tariffs and Growth in Late Nineteenth-Century America. World Economy. (2001-01-01). ISSN 1467-9701.Hufbauer, Gary C., and Kimberly A. Elliott. Measuring the Costs of Protectionism in the United States. Institute for International Economics, 1994.C. Feenstra, Robert; M. Taylor, Alan. Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century. National Bureau of Economic Research. ISBN: 978-0-226-03075-3Irwin, Douglas A., Free Trade Under Fire, Princeton University Press, 2005.

Discussion Week 2 Chapter 3 Assignment Example | Topics and Well Written Essays - 250 words

Discussion Week 2 Chapter 3 - Assignment Example Maryland’s unemployment went up to 6.8% because it shed over 75,000 jobs in May. Jobs in construction industry went down by 4,600,manufacturing went down by 300 jobs, professional and business services saw a job cut of about 3100 jobs with financial sector seeing a decrease of 800 jobs. Even though it lost all the jobs Maryland’s unemployment rate is still above the national average of 8.2%. Virginias unemployment is quite much lower than the nationals average of 8.2%.This can be attributed to more job creation through new business start ups with the total number of unemployed standing at 241862.Eventhough the DCs unemployment rate is still higher than the national average, the district has added has since 2011 added almost 16,100 jobs. This can be attributed to 200 jobs which were added by the public sector while manufacturing, trade, transportation and other sector adding almost 200

What am I Essay Example | Topics and Well Written Essays - 250 words

What am I - Essay Example This means that an individual is what he thinks of himself and what others think of them. For example: if an individual’s mind think that he/she is a good student then an individual will exhibit characteristics that are the characteristics of a good student. These characteristics include studying hard, acting in a disciplined manner in school and class and involving oneself in class activities. These behaviors will result in better grades for the student and will place a positive picture of the student in the minds of the classmates as well as teachers and in turn this will become his/her identity. Individuals need to ensure that there is congruence between what they think they are and what others think they are. In order to attain this congruence they need to change and modify their behaviors according to what they want to be or what their mind tells them to do. In short the answer to the question of What I am is that I am what is want to

Law and Practice Disciplinary Violation Essay Example | Topics and Well Written Essays - 2500 words

Law and Practice Disciplinary Violation - Essay Example The Law of Confidence pertains to the issue of information that is deemed to be confidential and will include trade secrets, copyrighted and other sensitive information, including the right to its protection and remedy for the infringement through breach of confidence and trust by employees. (a) A new three-step dispute resolution process for employers and employees under the Employment Act has been introduced as of October 1, 2004. 1 According to these provisions, reasons for dismissal or disciplinary action must be put into writing, a face to face meeting must be arranged for discussing the dismissal and the employee must be given a chance to appeal. In the event an employer fails to follow the proper procedure and adhere to all three steps, then penalties will accrue to the employer while the employee may be automatically entitled to claims of unfair dismissal if he/she has been employed for more than a year at the firm in question. Moreover, instant dismissal of an employee, even in cases of gross misconduct, is automatically unfair unless, at the very least, a two-stage procedure is followed, wherein the employee is provided written notice of dismissal and provided the right to appeal. In cases of serious misconduct, it may be legal to dismiss an employee without no tice, however, it is better to suspend the employee first while investigations are carried out to ensure that allegations against the employee are substantiated. What must be considered in Sandra’s case is Alan’s summary dismissal, which has not allowed her the opportunity to appeal the decision to fire her. Continuous service with a Company entitles the employee to a policy of fairness in providing written the notice of the reasons for dismissal and the opportunity to offer any defence. Most companies follow such policies, especially when the employee has  been with the Company for a long time.  

Benefits of Population Control

Benefits of Population Control Population environment is the investigation of how populations -of plants, creatures, and different life forms -change about whether and space and connect with natures turf. Populations are assemblies of creatures of the same species living in the same region in the meantime. They are depicted by aspects that incorporate: population measure is the amount of people in the population, population thickness is what number of people are in a specific zone and population development is the extent of the population is changing about weather. Exponential development works by leveraging expands in population size, and does not oblige builds in population development rates.one of the most testing requisitions of population development examination is to anticipate human population development. The human population surpassed six billion individuals in 1999, and is normal achieving nine billion preceding 2050. It is to some degree astounding to understand that it took all of mankinds history for the human population to achieve one billion individuals — which happened around one thousand eight hundred — then a little over a hundred years to twofold to two million, and only 40 years to twofold from three to six billion. Natural assets are under expanding weight, undermining open health and improvement. Water deficiencies, soil fatigue, misfortune of timberlands, air and water contamination, and debasement of coastlines beset numerous regions. As the worlds population develops, enhancing housing measures without obliterating natures domain is a worldwide challenge. Most created economies right now devour assets much quicker than they can recover. Most creating nations with fast population development confront the pressing necessity to enhance living standards. Environmentalists and economists progressively concur that endeavors to ensure natures domain and to attain better living models could be nearly joined and are commonly fortifying. Moderating the expansion in population, particularly despite climbing for every capita interest for characteristic assets, can take weight off natures turf and purchase time to enhance living models on an economical nuts and bolts. As population and interest for regular assets keep on growwing, natural points of confinement will get to be progressively apparent. Water deficiencies are relied upon to influence almost three billion individuals in 2025, with sub-Saharan Africa most noticeably bad affected. Many nations could maintain a strategic distance from ecological emergencies assuming that they took steps now to preserve and oversee supplies and request better, while abating population development by giving families and people data and administrations required to settle on educated decisions about conception. Present rates of population development cannot proceed. Recently, bargain numerous governments capabilities to give training, social insurance, and nourishment security for individuals, considerably less their capacities to raise living guidelines. This hole between numbers and assets is all the all the more forcing on the grounds that such an extensive amount the population development is packed in low-wage nations, environmentally hindered districts, and poor family units. Notwithstanding, the population issue is not singularly about numbers. Whats more neediness and asset debasement can exist on meagerly populated terrains, for example, the dry lands and the tropical timberlands. Individuals are a definitive asset. Enhancements in training, health, and sustenance permit them to better utilize the assets they order, to extend them further. Moreover, dangers to the manageable utilization of assets come to the extent that favoritisms in individuals right to gain entrance to assets an d from the courses in which they utilize them as from the sheer amounts of individuals. Consequently, concern over the population issue additionally calls forward sympathy toward human advancement and human correspondence. Giving individuals the intends to pick the measure of their families is not only a strategy for keeping population in parity with assets; it is a method for guaranteeing particularly for ladies the fundamental human right of determination toward oneself. The degree to which offices for practicing such decisions are made accessible is itself a measure of a countrys improvement. In the same way. upgrading human potential advertises improvement as well as serves to guarantee the right of all to a full and stately life. Population development and advancement are connected in mind boggling ways. Financial improvement creates assets that could be utilized to enhance training and health. These changes, alongside co-partnered social progressions, diminish both richness and death rates. Then again, high rates of population development that consume into surpluses accessible for budgetary and social advancement can obstruct upgrades in instruction and health. Previously, the escalation of farming and the processing of higher yields helped countries adapt to the expanding population weights on accessible area. Movement and universal exchange nourishment and energizes moved the weight on neighborhood assets. They allowed and helped maintain the high population densities of some industrialized nations. The circumstances are distinctive in a large portion of the creating scene. There, enhancements in pharmaceutical and open health have prompted a sharp drop in death rates and have quickened population development rates to uncommon levels. Be that as it may, richness rates remain high; much human potential remains hidden, and financial advancement is stalled. Rural heightening can go somehow towards restoring a harmony between sustenance processing and population, however there are cutoff points past which strengthening cannot go. The precise plausibility of advancement could be bargained by high population development rates. In addition, most creating nations dont have the assets to sit tight for a couple of eras before population stabilizes. The alternative of relocation to new terrains is practically shut. Whats more low levels of monetary and social advancement joined with changing exchange processing connections limit potential outcomes of utilizing universal exchange to expand access to assets. Consequently, without planned measures, the irregularity between population development and asset improvement will decline. Population weight is now constraining universal agriculturists to work harder, regularly on contracting distinction on minimal area, simply to support family wage. In Africa and Asia, rustic population about multiplied with a comparing decrease in area accessibility. Quick population development additionally makes urban budgetary and social issues that debilitate to make urban communities wholly unmanageable. In this way, numerous governments must deal with a few fronts to utmost population development; to control the effect of such development on assets and, with expanding learning, augment their reach and enhance their profit; to acknowledge human potential so individuals can better spouse and utilization assets; and to furnish individuals with manifestations of government disability other than substantial amounts of youngsters. The method for fulfilling these objectives will differ from nation to nation, however all ought to remember that practical investment development and fair gain access to assets are two of the more certain courses towards easier ripeness rates. In conclusion, increased speculations will be required simply to administer the current deficient levels of access to instruction, health awareness, and different administrations. As a rule, the assets obliged are simply not accessible. Health, lodging conditions, and the nature of instruction and open administrations all break down; unemployment, urban float, and social agitation increment.

Mesopotamia, Egypt And The Hebrews :: essays research papers fc

October 10th, 1994 Mesopotamia, Egypt and the Hebrews Their development from the 3rd millennium to 2nd C.E. When the canonization of the Hebrew Holy ("TaNaKh") took place. Frank Mancini irg@ix.netcom.com MESOPOTAMIA Mesopotamia was the land of four primary civilizations: the Sumerian, the Akkadians, the Babylonian and the Assyrians. The Hebrews, like the Akkadians, belong to a group of people known as Semites and from there we can see the influence of Mesopotamian culture in some of the Hebrews traditions. During the same time, civilization began in Egypt, and there can be seen a distinct difference in the social, religious and political system from Mesopotamia; that the link between the two civilizations are the Hebrews, and although no historical records are available aside from the Holy Scriptures, it is believed that the Hebrews settled in Egypt during the era of Hyksos domination in the seventeenth century B.C.E. These three civilizations to be discussed were the foundation of today's society and provided the common era with concrete religious beliefs still practiced today. Evidence of the mechanics on the evolution of social, religious and political values, as well as the fluctuating development of the role of women then and now, are present in these documents, beginning with the oldest document which is most likely the Epic of Gilgamesh, first passed on by word of mouth and later recorded by the Sumerians around the third millennium and finally edited and written down in cuneiform by the Babylonians. This legend appears to have been used by all the civilizations in Mesopotamia in order to satisfy the need to know why we die and to justify the instincts that drove the people of these societies to war, to kill and to control as a must for survival. The gods were the only outlet available to justify such behavior to grant permission to rule, to kill and subdue the weak. The Epic of Gilgamesh does just that: It serves as a model for the warrior, the king and the tragic hero and the standards for divine right, friendship, brotherhood and loyalty. Finally, it becomes evident from the beginning of a higher consciousness that justifies love, brotherhood and loyalty in the midst of this need for war and gods. The Epic is divided into seven main parts: the "Coming of Enkidu", the "Forest Journey", "Ishtar", the "Search for Everlasting Life", the "Story of the Flood", the "Return", and the "Death of Gilgamesh". The Creation of life was, and is, a mystery and therefore must be justified as it shows in the "Coming of Enkidu", where he was created by Aruru by dipping "her hands in water and pinching off clay" (EOG 62).