A Review and Critique of the Smoot Hawley Plan Essay

Countries and governments often pursue vigorous economic nationalism as a form of remedy against domestic economic slowdown. However, pursuing this endeavor may result in unexpected outcomes both at home and abroad. Proponents of economic nationalism argue that supporting local industries prevents precious foreign exchange from leaving the country and enables local industries to develop and compete directly against foreign competitors (who, in some cases, directly threaten the local competition due to their cheaper prices andor better quality of their products). Therefore, economic nationalism causesdirect financial damage to foreign companies who conduct their businesses completely in line with local laws. This causes disenfranchisement among foreign investors and may result in decreased FDI (Foreign Direct Investment) in the future. Customers prefer the products of these foreign companies due to their low cost and better quality. By influencing the consumer into choosing the more expensive local option, the government is deliberately forcing the consumer to pay more for something that is not value-added. In addition, economic nationalism ensures that local companies can no longer be overshadowed by foreign competition. With their market share guaranteed and protected, theselocal companies then stop innovating their products and processes. Competition is the most important ingredient in developing new ideas and products and with this competition gone, local companies fall gradually behind their foreign competitors. This causes significant damage to the local industry in the long run. Local companies, taking advantage of an absence of competition, may also increase their product prices exorbitantly. The companies know that consumers have no other option but to buy the desired products from them so they seek to extract maximum profit from the unsuspecting buyers. These additional exorbitant fees are nothing more thanmonetary exploitation of the highest order as they feed on a consumers disability to select the desired product from a plethora of options previously available. Finally, economic nationalism may provoke tit for tat responses in other parts of the globe where local governments may also...

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