Protectionism is a theory and practice of protecting a country’s domestic industries from foreign imports/industries and competitions. Therefore, to prevent the native economies to fall, the governments bring certain rules in economic sectors.
In other words, protectionism can be the policy of restricting imports from other nations.
Methods to restrict trade can be increasing tariffs on imported and foreign goods, or applying import quota and other regulations.
In the era of 'globalization', a sudden change in trend is to be noticed. Populism which impacts upon the political narratives- supports closed borders.
America, West Asia, Australia, and Europe all countries have been indulged into practicing the 'protectionism' in different ways.
The globalization opened the door of a wealthy and developed nation for developing nations, least developed economies, and island nations.
Wealth distribution from a developed nation to a developing nation in the form of remittances occurred. That certainly helped at reducing poverty, while on the contrary it also made a negative.
Globalization leads to huge migration from developing nations to developed nations. These migrants contributed to the economy but the somehow rising population of migrants lead to unemployment in nations, that again started a narrative against globalization.
Nations faced crimes specially Europe where migrants from troubled zones of Syria, Iraq, and Afghanistan were alien to the freedom. The women enjoyed freedom in Europe and in other developed economies, where migrants were not habitual of seeing women free. That led to some difficulties in local, where migrants threatened women’s liberty.
These negative experiences led to the hatred against migrants, and even political leaders won the elections who spoke against migrants. The trend of protectionism continued in many developed economies like America, Australia, and Europe, as most of the migrants are from Asia and Africa.
Therefore, the protectionism has evolved from globalization, as earlier globalization evolved from protectionism.
Protectionism is not a solution
The protectionism will not save the world in the longer term. It leads to poverty and unemployment on a global scale. Not only that the protectionism reduces global growth altogether.
One of the leading causes of World War II was protectionism. Therefore, extreme protectionism can also lead to war.
Due to globalization, there has been an immense amount of reduction in poverty after the 1980s. The rising trend of protectionism may lead the world again into trouble where unequal distribution of wealth leads to chaos.
Protectionism may create a blocking in trade which again may lead the economic down collectively.
Poor countries may take years to come out of poverty and hunger and disease will prevail. Therefore, the United Nation’s Sustainable Development goal will be hard to achieve.
What is the solution?
Population growth and lack of resources have triggered migration, and for some regions of the world, it did not end well.
There is no doubt that the developed countries have suffered problems like unemployment etc., yet there can be a sound balance between accepting migrants as well as protecting the interest of their people.
The equation should not end into extreme as in the long run closed borders will bring chaos.
There should be immediate control over the population in developing and third world countries. The rising human population, which is unplanned, can bring chaos, not only economically, but in every aspect.
Planned human resources can be well adjusted with the need for jobs, and better grooming can be done in the longer run.
The planned population can very well educated and adjusted in developing economies as well as developed economies as well.
There should be a fine balance between protectionism as well as globalization. This is crucial to protect the native industries, but this is also important that the global industries have to grow.
The role of governments is equally important, they should not narrow down to the regional leaders. After all, humanity suffers collectively.
