Globalization and Protectionism (Economics)

Recall cards on globalization and protectionism. What protectionism is and its three tools (tariffs, import quotas, and nontariff barriers), why it acts as an indirect subsidy from consumers to producers, and why it lowers total social surplus. How trade shifts rather than destroys jobs, its effects on wages and working conditions, and the high cost per job saved by trade barriers. The arguments for restricting imports, infant industry, anti-dumping, the environmental race to the bottom, and national interest, and why economists find most of them weak. How governments enact trade policy globally (GATT and the WTO), regionally (free trade agreements, common markets, and economic unions), and nationally. And the tradeoffs of trade policy: trade as a disruptive innovation whose average gains are best paired with worker retraining rather than blocked.