infant industry argument

Definition

Protectionist reasoning that industrial startups need safeguards against established foreign manufacturers and cutthroat competitors, especially in developing economies. This protection is commonly sought by enacting high import duties and/or import quotas. Although frowned upon by the World Trade Organization in this era of globalization, virtually every country, at one time or another and in one form or other, has instituted such measures to protect its threatened enterprises.

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inert inferior good